Jul 26, 2021 1:43 PM

USD 475 will realize interest savings on new Junction City High School project

Posted Jul 26, 2021 1:43 PM

JUNCTION CITY, Kan. – Following recent market conditions in favor of refinancing goals set by the Geary County Schools USD 475 Board of Education, as provided to district staff by Piper Sandler, the district acted to refinance and lock in new rates for the new Junction City High School bond debt. These new rates will result in an interest savings of $10.9 million.

Bond for the new facility was originally approved by voters in November of 2017 for $105 million. By the time the bid was out in 2019, the Consumer Price Index (CPI) adjusted the cost to build the facility from $105 million to $123 million.

The architectural design included a base bid package with multiple, individually priced alternates. The district secured competitive pricing for all the projects’ alternatives, prioritizing them so that the Board of Education could implement these alternates as money became available. Competitive bids, for all alternates, totaled over $150 million.