LITTLE ROCK, Ark. (August 10, 2010) – The Buffalo Island Central School District of Craighead County has successfully refinanced bonds originally issued in 2003, saving the district a total of $313,822 over the life of the bond issue, with $178,390 of the savings to be experienced in the current 2010-11 fiscal year,.
First Security Beardsley Public Finance, a division of Crews & Associates, served as Fiscal Agent (FA) for the $2,845,000 transaction. The refunding bonds are classified as 2010 Tax-Exempt, Bank Qualified refunding bonds. The transaction is rated Aa3 by Moody’s Investors Service. Morgan Keegan & Co, Inc. was the successful bidder for the bonds on July 21, bidding at a rate of 3.04% True Interest Cost (TIC). The closing date of the transaction is August 19, with a final maturity date of June 1, 2027.
“Anytime our organization has the opportunity to save an Arkansas school district money, it is exciting for us,” said Scott Beardsley, Senior Vice President of First Security Beardsley Public Finance. “The savings gained as a result of this refinancing will allow the Buffalo Island Central School District to invest in equipment or academic buildings, ultimately improving the quality of education provided to their students,” said Beardsley.
The Buffalo Island Central School District is located in Monette and Leachville, Arkansas, within Craighead County. The district includes an East Elementary School, West Elementary School, Junior High, and Senior High School.
About First Security Beardsley Public Finance
Little Rock-based First Security Beardsley Finance, a division of Crews & Associates, Inc., provides financial advisory services to public school districts. The firm puts particular emphasis on service to Arkansas schools and is dedicated to providing clients with a number of valuable services not provided by competing firms.
About Crews & Associates, Inc.
Little Rock-based Crews & Associates, Inc. is a full-service investment banking firm dedicated to the structuring, financing, and distribution of fixed-income products nationally. Founded in 1979, Crews & Associates is a wholly-owned subsidiary of First Security Bancorp and has served as a managing underwriter for more than $33 billion in financings in 48 states across the country. www.crewfs.com
