During their recent meeting, the Palmyra R-I Board of Education approved the sale of $3.5 million general obligation bond issue to its municipal bond underwriter, L.J. Hart & Company of St. Louis, Mo.
“We appreciate the strong vote of confidence we received from local patrons at the election and want to lock in interest rates and reoffered yields that are favorable,” said Oneta Crowe, board president.
These new money general obligation bonds were approved by about 79.98 percent of the voters at the April 2, 2019 election for the purpose of providing funds to complete safety and security access control upgrades at the high school, renovate the high school vo-ag building classrooms, construct an athletic complex with a new all-weather track and activity field and to renovate and upgrade the elementary playground.
The bond marketing process provided the first opportunity to invest to local financial institutions and according to Brad Wegman, vice president of L.J. Hart & Company, HOMEBANK purchased $500,000 and the Exchange Bank of Northeast Missouri acquired $100,000 of the bonds. Edward Jones is committing to $275,000 for local individual investors.
This strong local support was very helpful to the success of the financing.
“It is nice our marketing procedures facilitated this local involvement while still receiving attractive reoffered yields,” said Kirt Malone, R-I superintendent. “I am pleased that 32.14 percent of the bonds were sold in the local area.”
See more in this week's Palmyra Spectator.