January 13, 2022
WORK TO BEGIN ON FIRST OF BOND PROJECTS
The District locked in final interest rates on the bonds yesterday morning. I am pleased to report that the winning bid provided an interest rate of 1.98% for the 20-year financing. Compared to our previous projections of 2.65%, this lower interest rate will save the district about $1,000,000 in interest cost over the life of the financing. The winning bidder also provided a premium in bond proceeds, which allows the District an extra $227,122 in project dollars to be used for projects identified in the election ballot or pay down the bonds early.
USD 430-South Brown County has received bids on the first projects to be completed as part of the 2021 bond scope of work. The first two projects released for bid were roofing and exterior restoration. The elementary school will receive a new roof, downspout, and guttering. Bids were also opened for tuckpointing and exterior restoration on all buildings.
The board has formed a committee to review and bring recommendations to the board for approval of all bids. Bids for the roofing were awarded to Lanter SPS Roofing with a winning bid of $379,972. The Exterior Restoration bid was awarded to MCRI with a winning bid of $207,830. MCRI is based in Fort Scott, Kansas. The board of education voted on January 12, 2022, to officially accept the bids and authorize work to commence on these projects.
I am extremely pleased with the level of competition and the quality of bidders we received. These two projects came in $110,000 lower than budgeted. At this early stage of our bond work, it is good to be under budget in case any project would come in over budget. If we continue to stay under budget on all our projects, our board will have the option to either pay down the bond or add to the scope of work completed with the bond proceeds.
As work gets underway on these projects, design has begun on other bond projects. LST Architecture is doing the design work for HVAC systems and windows included in the bond scope of work. Once designs are complete, the plan specifications will be released for bid.
All bond projects are anticipated to be designed, bid, and completed by the fall of 2022.
Superintendent of Schools
USD 430 South Brown County