North Callaway bonds available to local investors

KINGDOM CITY - Local backers now have the opportunity to invest in the North Callaway R-I Schools.

According to a press release, the district's board of education has instructed its municipal bond underwriter, L.J. Hart and Company of St. Louis, to make the $6 million general obligation bond issue available to local individual and institutional investors.

"We appreciate the strong vote of confidence we received from local patrons at the election and want the bonds to be available to them," Superintendent Bryan Thomsen said in the release.

The release states the board selected the negotiated sale of the bonds "in order to capture current market conditions, to be certain that local individual investors and banks receive an opportunity to purchase the bonds and because the proposed interest rates are to be fair based upon current conditions in the municipal bond market."

The bonds are scheduled to mature from March 1, 2017 through March 1, 2035, "with re-offered yields to the investor expected to range from .75 percent to 3.25 percent. According to the release, they are expected to carry an "AA+" rating from Standard and Poor's Corporation. The bonds are available in $5,000 denominations and are being sold on a first come, first served basis. Anyone interested in learning more about the Series 2015 bonds can contact L.J. Hart and Company at (800) 264-4477 to request a prospectus.

Thomsen said Thursday the board plans to move forward with formalizing the sale of the bonds at its Feb. 19 board meeting.

Projects included in the bond issue approved by local voters in November include construction of a new ag/science building, new science classrooms at the high school, construction of a new bus barn, a new all-weather track and technology upgrades.