The Johnson County R-VII Board of Education approved a resolution at a regular meeting on Monday, February 22nd, 2021 that authorized the sale of $3,045,000 General Obligation Refunding Bonds to its Municipal Bond Underwriter, L.J. Hart & Company of St. Louis, Missouri. The Series 2021 Refunding Bonds have reoffered yields ranging from 0.35% to 0.70% compared to an average interest rate of 1.95% for the Series 2016 Bonds. Through this refinancing, the district reduced future interest expense by $153,995. it is the result of the extremely strong current municipal bond market that is producing historically low interest rates as well as the good name of the district in the municipal bond credit market. Crest Ridge previously captured $870,685 of savings with the Series 2016 Refunding Bonds that refinanced the Series 2014 Bonds. Thus, the total savings from the original issuance of the 2014 Bonds now becomes $1,024,680 by adding the unexpected market gift of $153,995. This $1,024,680 plus the savings of $530,323 from previous refundings and prepayments means that Crest Ridge has saved the tax payers of the district $1,555,003 since 2009.
BOARD APPROVES BOND REFUNDING
MAR 12, 2021