The Wentzville School District Board of Education unanimously approved the sale of approximately $54 million Lease Participation Certificates that will provide funds for construction across the District.
The sale will also provide funds for refinancing a portion of the outstanding 2011 Lease Participation Certificates that were sold to finance a portion of the Proposition 3 projects approved by voters in 2011. The refinancing saves the taxpayers of the WSD over $3.2 million in interest expense over the next 15 years.
This is the eighth time in the past seven years that the District has refinanced bonds for a total interest cost savings of over $21 million.
Fiscal responsibility across the District has resulted in a strong “Aa3” credit rating which contributed to the WSD receiving nearly $100 million in orders from investors (almost twice the amount of bonds available), which resulted in lower interest rates and borrowing costs for the WSD.
“The favorable market conditions, combined with the District’s outstanding credit rating, resulted in an opportunity to lock in savings for our tax payers,” said Board of Education President Natalie DeWeese. “The timing could not be better as we work to provide the facilities needed to accommodate the students who continue to move to our District.”
The Wentzville School District continues to be the fastest growing district in the State in the 21st Century, adding between 500 and 600 new students each year since 2001. This year, enrollment is up nearly 700 students over the start of school last year. As a result, the District has built nine new schools during that period and two more are under construction, scheduled to open for the 2017-18 school year. The WSD is now the 11th largest school district in Missouri.