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USD 415 Receives Good News on Bond Sale

By Greg Bebermeyer

05/12/2015

(KNZA)-- The Hiawatha school district has received good news following its $9.2 million bond sale to finance improvements to the districts schools.

Superintendent Penny Hargrove told the Board of Education Monday evening that the interest rate for the bonds came in lower than anticipated at 2.3 percent.

Hargrove says its a “ pleasant surprise” and will result in a savings to taxpayers with a lower mill levy requirement.

USD 415 voters during the April 7th general election approved the bond issue.

Bids were also taken to refinance the outstanding bonds issued in 2005 to fund the construction of the middle school, and the low bid also came in lower than expected at 1.3 percent.

Hargrove says that will result in savings to taxpayers of nearly $49,000 and not extend the life of the bonds, which are to be paid off in 2018.

The Board adopted resolutions authorizing the sale of the refunding bonds and the new bonds.

Country Club Bank in Kansas City in association with Hiawatha’s Citizen’s State Bank and Trust Company was the low bidder on both series of bonds.

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