The District’s municipal bond underwriter, L.J. Hart & Company of St. Louis, Missouri, reviewed some options to repay the District’s existing bond earlier without any increase in our total tax levy from what it was for Fiscal Year 2011-2012.

PILOT GROVE – At a regular meeting of the Board of Education for the Pilot Grove C-4 School District conducted on August 15, 2016, several long range planning matters were discussed at length.  

The District’s municipal bond underwriter, L.J. Hart & Company of St. Louis, Missouri, reviewed some options to repay the District’s existing bond earlier without any increase in our total tax levy from what it was for Fiscal Year 2011-2012.

The Board of Education agreed on an advanced refunding idea presented by Larry J. Hart, President/CEO of the firm. This option would reduce the average rate of interest from 2.62 percent down to 1.17 percent for the Series 2013 Bonds in order to produce a net interest savings of $102,340. By moving forward with the suggested refunding plan the District reduced the final maturity of the original Series 2013 Bonds by four full years from March 1, 2028 to March 1, 2024 with a total tax levy of $4.8578 which is less than it was in Fiscal Year 2011-2012.  

This plan for saving more than $100,000 of future interest expense is going to be very beneficial to the school district and demonstrates the strong financial stewardship the board strives to achieve.  At the August 30, 2016 tax rate hearing, with Mrs. Groepper’s guidance, the Board of Education voted to set the tax rates at $3.7878 in the incidental fund and $1.0700 in the debt service fund.