USD 253 Board of Education set to formally close bond issue in coming weeks Featured

USD 253 Board members approve the sale of general obligation bonds Monday. USD 253 Board members approve the sale of general obligation bonds Monday. Tagan Trahoon/KVOE News

USD 253 Emporia Public Schools is very close to formally closing the $78 million bond resolution following a special board meeting Monday evening.

Board members unanimously authorized the sale of general obligation bonds for the district's $78 million facility improvement project during the special session. As KVOE has reported, bond rates dropped around half a percent over the last year, which according to Piper Jaffray Managing Director Dustin Avey will provide the district with roughly $16 million in bond interest cost avoidance.

The board's approval Monday, according to Avey, is the final action required on the bonds by the district.

 

Not only do the new interest rates provide major savings to the district, but they also will help lower the original mill levy increase which the district estimated at the announcement of the bond earlier this year. Original estimates called for a mill levy increase of around 2.9 mills or a $33 increase for residents. With the new rates the levy increase will now be just half a mill or roughly $5 per year.

USD 253 Superintendent Kevin Case says getting to this point has taken a total team effort.

 

The $78 million bond issue will fund a number of improvements at district facilities including enhanced learning space, a new early learning facility and safety and security enhancements. The USD 253 Board of Education will hold its final regular meeting of 2019 on Wednesday, Dec. 11 at 7 pm inside the Mary Herbert Education Center.

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