LITTLE ROCK, Ark. (August 10, 2010) – The Earle Special School District has successfully refinanced bonds originally issued in 2003 and 2004, saving the district a total of $673,873 over the life of the bond issues, with $288,516 of the savings to be experienced in the current 2010-2011school year.
First Security Beardsley Public Finance, a division of Crews & Associates, Inc., served as Fiscal Agent (FA) for the two bond issues, totaling $3,725,000 and $2,160,000 respectively. The $3,725,000 bonds will mature in 2028 with the $2,160,000 bonds maturing in 2034. The refunding bonds are classified as 2010 Tax-Exempt, Bank Qualified refunding bonds, and the capital gained through the issuing of the bonds can be used by the school district toward new construction of, capital repairs to, or renovation of academic facilities, or purchase of academic equipment. Both transactions are rated Aa3 by Moody’s Investors Service.
“This is an opportunity for the Earle Special School District to invest in its students through capital improvements,”
The Earle Special School District includes Earle Elementary School and Earle 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
