R-4 Board approves financing

Wednesday, February 13, 2013

The Cassville School Board has approved lease purchase financing for the emergency storm shelter and performing arts building project currently underway on the R-4 campus.

A large portion of the construction costs will be covered by a grant that the district has secured from FEMA. The lease purchase financing agreement will provide funding for the 25 percent grant match and the remaining building costs.

Larry J. Hart, president and chief executive officer of LJ Hart and Company, reported that the R-4 District received local investment purchases from Security Bank of Southwest Missouri and Freedom Bank of Southern Missouri.

Superintendent Richard Asbill said he is "pleased efforts were made to accommodate investors within the Cassville community."

"LJ Hart and Company are very mindful about local support of our school district and facilitated local involvement while still receiving competitive interest rates for our project financing needs," said Asbill.

The Cassville School Board selected the negotiated sale of certificates to capture current market conditions and be certain local individuals and banks received an opportunity to purchase the certificates. The rates were also deemed fair based on current conditions in the municipal bond market, said Asbill.

"Cassville R-4 School District achieved an A+ issuer credit rating from Standard and Poor's based on evaluation of its overall credit worthiness, which is very good," said Hart. "The board and superintendent have been very good stewards of the taxpayers' money and continue to look for ways to manage short and long term fiscal needs."

Asbill said the lease purchase financing would be used to complete the FEMA facility for future performing arts events.

"Acoustical treatments have been added, lighting to support choir and band performances, a rubberized floor material to support multipurpose activities during the day and evening, storage for stage and chair seating, the enhanced lobby entrance to the facility and chair-back seating," said Asbill. "The Board has desired to include a performing arts facility in place, and through the FEMA grant process, we have been able to achieve this goal."

R-4 School Board President John Sullivan said that the board wanted a facility to accommodate a wide variety of performing arts programs. The board was also looking for a facility that would provide students and parents with a place to enjoy choir, band, art and other performance events.

"The board is excited about this opportunity, and we are very grateful that Freedom Bank and Security Bank have assisted us with achieving this financing plan," said Sullivan.

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