Voters on June 9 approved the sale of $83.7 million in bonds; some on the board of education want to make sure local residents can buy some of those bonds.
‘I know there are a number of people in the community who buy these bonds when they’re available,? Vice President Karen Foyteck said at the Monday, June 23 school board meeting.
Bruce Beamer, executive director of business and financial services, said Payne-Webber has been chosen as the ‘senior underwriter? to sell the bonds.
The goal is to complete all the legal details to have the bonds available for sale around July 15.
A preliminary determination is that the payoff will be about $2.50 per $1,000 in bonds issued (considered a ‘good price?), and Beamer said he wanted to beat other school districts also selling bonds.
‘The bond market is excellent,? he said. ‘I’m just trying to be the first one out there.?
Beamer said the district could hire ‘co-managers? to sell part of the bonds, but normally such sales are done in large blocks, with a minimum sale of $5,000.
Beamer said the district could refer potential buyers to the underwriter directly, board Treasurer Janet Thomas said local banks and brokers have access to the big sellers.
‘They’re going to come here locally anyway,? Thomas said.
President Kurt Shanks summed up the consensus by advising Beamer to ‘listen to the advice of the experts? in selling the bonds.