A school district in central Kansas sold $11 million in bonds to make a variety of capital improvements.
The bonds mature between 2025 and 2044, yielding between 2.55% and 3.78%. They received a rating of A from S&P Global Ratings.
“The rating reflects our opinion of the district’s stable, though limited, local economy, strong cash-based reserves, standard financial management practices, and moderately high-to-high debt with slow amortization,” S&P analyst Stephen Doyle said in a press release.
The bond proceeds will finance projects approved last year by voters in the school district, which serves residents of Rush County. School officials say renovations are badly needed.
“We still have an elementary building that’s 100 years old that’s falling down, that’s not ADA compliant,” district superintendent Bill Keeley told the Great Bend Post in October. “We have reading groups meeting in the hallways, meeting in the stairwells, and people walking by during the reading intervention time because we’re out of space.”
Upcoming projects include a new wing at the district’s elementary school, a playground, and other improvements, according to the official statement accompanying the sale of the bonds.
The school district enrolls 282 students across its two schools. The bonds are general obligations of the school district, backed by its full faith and credit and payable by property taxes.
Baker Group LP served as underwriter on the issuance. Stifel, Nicolaus & Company Inc acted as financial advisor.