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Raytown School Board Hopes to Save District $1 Million

By refinancing more than $9 million of its existing bonds at a more favorable rate, Raytown’s Board of Education hopes to save the district more than a million dollars in interest payments.

On July 11, the board voted to approve a resolution authorizing investment bankers George K. Baum & Company to oversee the refinancing, according to board Secretary Kathy Kennedy. The vote was 5 to 1 in favor of the resolution, with board member Rick Thode casting the sole dissenting vote.

According to the board’s resolution authorizing the refinancing, the district is using these bonds for technology improvements as well as for air conditioning, repairing, renovating and furnishing its buildings.

July’s Board of Education agenda documents record the resolution to refinance $9,500,000 in bonds. The documents add that by “approving the resolution for refunding this bond and based on market results, it has the potential of present value savings estimated at 10.895% or $1,024,090 over old par.” The board predicts the savings will accrue over the next decade.

About jwmartinez

JoLynne is a journalist and educator. She holds a bachelor's degree in journalism from the University of Kansas and a Master of Arts in Teaching from Park University and is certified to teach high school journalism and English. Former employment includes work for Cable News Network and the University of Missouri-Kansas City in addition to freelancing for clients such as the Kansas City Star and The Pitch.


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