Jackson School District saving money on refinancing of bonds

Refinancing of bonds to build an elementary school in Jackson is saving the school district more than anticipated.

After voters approved the bond issue last year, officials chose to divide the $16 million bond issue into two transactions worth $9 million and $7 million.

Wade Bartels, chief financial officer for Jackson schools, said the gross savings on the refinancing was $143,000 -- higher than initial projections.

"The yield to investors is .6 of a percent," Bartels said. "So the interest savings here is phenomenal."

Bartels noted, although it is still early, financial plans for the bond issue have gone "even better" than officials had planned.

The board approved a bid for preliminary groundwork and utilities for the school, which will be built on 15 acres already owned by the school district on North Lacey Street.

Superintendent Ron Anderson said the district received "quite a range" in bidding prices, with a difference of almost $500,000 between the highest and lowest bids.

The winning bid came in at $580,000.

Anderson said the groundwork would begin immediately.

srinehart@semissourian.com

388-3641

Pertinent address:

614 E. Adams St., Jackson, MO

North Lacey Street, Jackson, MO