The Wentzville School District Board of Education unanimously approved the sale of approximately $21.7 million of the District’s outstanding Series 2012 Lease Participation Certificates through Clayton Holdings, LLC at a fixed rate of 2.71%. The interest savings to the District will be $716,000 on a cash flow basis, or approximately $60,000 each year through April 1, 2031.
According to Stifel, the District’s financial advisor, the District has completed 11 refinancing transactions since 2009, securing cash flow savings in excess of $31.6 million.
Fiscal responsibility across the District has resulted in a strong “Aa2” credit rating, which contributed to the WSD receiving competitive orders from six banks resulting in lower interest rates and borrowing costs for the District.
“We are very pleased to be in a position to refinance and lock in savings for our taxpayers,” said CFO Pam Frazier. “Administrators across the District work very hard to be good stewards of taxpayer dollars, which positively impacts our credit rating and makes refinance opportunities like this possible. All stakeholders should take pride in where the District stands financially.”
The Wentzville School District continues to be the fastest growing school district in the state in the 21st Century, adding over 500 new students on average each year since 2000. As a result, the District has built 11 new schools during that period and is now the 10th largest school district in Missouri.