Storm shelter project advances

Wednesday, March 1, 2017

$2.3 million bond sale likely in early April for Purdy

The Purdy school board has taken steps to advance plans for constructing the new storm shelter and performing arts center.

Board members approved hiring the investment banking firm of Stifel, Nicolaus and Company to serve as underwriters for the $2.3 million bond issue approved by voters in August 2016. This will be the first time the school district has used the company. The selection came at the recommendation of Todd Goffoy, financial advisor with Piper Jaffray and Associates, which handled issuing requests for information.

Superintendent Steven Chancellor said having an underwriter positioned to sell bonds locally made a major difference in the board’s decision. The board is expected to approve a resolution authorizing the underwriter to proceed with the bond sale at its March 20 meeting.

The tax-exempt bonds will likely go on sale in the first two weeks in April.

The district has not moved quickly on selling bonds, in part because of a delay in second-round approval for the storm shelter project from the Missouri State Emergency Management Agency (SEMA). Chancellor anticipates the approval will be added to the Federal Emergency Management Agency’s initial authorization of the project.

Until SEMA gives its second round approval, the district has time to refine its design and construction specifications. Chancellor felt the approval should come by mid-March or early April. Under that timetable, the district is preparing to start construction by the summer. Without unforeseen delays on that timetable, the new facility would be completed in 2018.

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