Cape Girardeau Board of Education to refinance 2015 bond

The Cape Girardeau Public Schools Board of Education approved a resolution to refinance a 2015 bond that will bring a projected savings of $406,350.

During a regular meeting Monday, April 24, superintendent Neil Glass advised the board the bond is callable at this time and, based on current interest rates, refinancing the original 2015 bond provides savings that meet state guidelines.

In an email from Kristin Tallent, school district communications director, she noted the original interest rate was 4% and the projected interest rate for the 2023 refinanced bond is 3.36%.

She also stated the original amount of the 2015 bond was $9,640,757.90, and that $835,000 had been paid off. Tallent said the 2023 refinanced bond has not been issued, and the amount and interest rate are subject to change, "based on final pricing of the bond which has not yet occurred."

Tallent further stated the final maturity of the 2023 bonds will be in 2035.

The money from the original 2015 bond was used for several renovations and improvements to Cape Girardeau Public Schools buildings, including a roof replacement for Central Middle School, adding additional parking and the renovation and remodel of Central Junior High School.