The Wentzville School District Board of Education unanimously approved the sale of approximately $11 million in General Obligation Refunding Bonds that will refinance a portion of the outstanding 2009B Bonds which generated funds for construction across the District. The WSD contributed $2.3 million to reduce the principal amount on the bonds as well.
The refinancing saves the taxpayers of the WSD $4,595,000 in interest expense over the next 15 years. This is the ninth time in the past eight years that the District has refinanced bonds for a total interest cost savings of over $23.7 million.
Fiscal responsibility across the District has resulted in a strong “Aa2” credit rating which contributed to the WSD receiving over $87 million in orders from investors (nearly eight times as many orders as 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 on average over 500 new students each year since 2001. As a result, the District has built 11 new schools during that period and the WSD is now the 11th largest school district in Missouri.