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KCSD receives favorable interest rate on bond sale

Posted: February 5, 2018 5:41 p.m.
Updated: February 6, 2018 1:00 a.m.

In a press release issued Jan. 31, Kershaw County School District (KCSD) officials say they are happy with news from last week’s sale of $129 million bonds for 17 construction projects approved by Kershaw County voters in 2016.

“There is not always a lot of exciting news in the world of school finance,” KCSD Chief Finance Officer Donnie Wilson said, “but I really enjoyed watching the bids come in for this sale. This came after months of hard work and a commitment from our school board to strengthen our finance policies and increase our reserve fund.”

Wilson said the timing of the sale resulted in bonds being sold at a premium of $19 million with a total interest rate of 2.76 percent for 15 years. He noted that the last time the district refinanced bonds in 2015, the interest rate was 3.33 percent.

“I didn’t think we would ever get a rate lower than that. This is incredibly good news for the taxpayers,” he said.

KCSD Superintendent Dr. Frank Morgan said the district’s exemplary financial management played a large role in the success of the bond sale.

“We used conservative estimates for the interest rate as well as for the amount of funding that the penny sales tax would generate,” Morgan said. “This lower interest rate and recent news about the revenue being generated by the penny validate what we anticipated, and even provide a more favorable situation.” 

According to district officials, all construction projects are proceeding on time and within budget.

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