School board approves $10 million bond sale
The Board of Education of Basehor-Linwood USD 458 met in a special meeting at 8 a.m. Wednesday, Feb. 4, to approve the sale of an additional $10 million in construction bonds.
A total of $39.9 million bonds were approved in October 2007. $15 million were sold in 2007, and $10 million were sold in 2008.
John McArthur of Oppenheimer Company serves as the bond advisor for the district. McArthur was able to negotiate the sale of the latest bonds at a favorable rate of 4.74 percent.
This rate compares to the anticipated rate of 5.15 percent at the time of the election. McArthur said that the the tax rate would be slightly higher the first year, during 2009. This is because in a negotiated sale, some interest is prepaid. However, this method of sale will save the taxpayers of the Basehor-Linwood district more than $1 million over the life of the bonds.
USD 458 still has $4.9 million in bonds to sell. It is anticipated that these will be sold in 2010 to complete payment of the construction costs for the new middle school across from Glenwood Ridge Elementary school on 148th Street.
The Basehor-Linwood Board of Education approved the sale of the bonds, 7-0.
The next regular meeting for the board of education will be at 7 p.m. March 9, in the Lou Haney Board of Education room at the district central office, 2008 N. 155th St.