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The Board of Education of the Shelby County R-IV School District, Missouri has instructed its Underwriter, L.J. Hart & Company of St. Louis, Missouri, to make the $7,725,000 Lease Certificates of Participation available to local individual and institutional investors. "We appreciate the vote of confidence we received from local patrons at the election and want the certificates to be available to them," stated Aaron Gaines, President of the Board of Education. These new money lease certificates were approved by the voters at the April 3, 2018 election for site development, construction, equipping and furnishing of a new elementary school.
"Since interest rates are attractive now and might increase in the future, the Board of Education wants to lock in the rates," stated Superintendent of Schools, Tim Maddex. "At the same time, we want all local investors, who are interested in these certificates to have an opportunity to purchase them, and we want to alert them in advance of our plans," Mr. Maddex continued.
The Board of Education selected the negotiated sale of the certificates in order to capture current market conditions, to be certain that local individual investors and banks receive an opportunity to purchase the certificates, and because the proposed interest rates are fair based upon current conditions in the municipal bond market.

According to Tom Pisarkiewicz, President and CFO of L.J. Hart & Company, the Series 2019 Certificates are scheduled to mature from April 15, 2021 through April 15, 2038 with reoffering yields expected to range from 2.10% to 3.75%. The interest income from the certificates is exempt from federal and state of Missouri income taxes and the certificates are available in $5,000 denominations. These certificates are being sold on a first come, first served basis. Anyone interested in learning more about the Series 2019 Certificates can call Mr. Maddex’s office at (573) 588-4961 or L.J. Hart & Company at (800) 264 4477 to request that a prospectus be promptly mailed to them.
If interest rates decline in the future, the District can capture the full benefit because the certificates have an optional redemption (call) provision on April 15, 2024 at no penalty. The financing proceeds are expected to be available to the District by May 16, 2019.