Search Site

This search form uses an instant search feature. As you type, search results will appear automatically below the search field. When you've entered you desired search terms use tab to navigate through the available results and hit enter to open the selected page or document.
Shelby-Rising City Schools Bond Refinancing Saves Over $925,000
Shelby-Rising City Schools Bond Refinancing Saves Over $925,000
District Staff
Wednesday, May 20, 2020

Shelby – Shelby-Rising City Schools has refinanced the 2015 Bond’s remaining balance of $8,310,000 on May 13, 2020 using Ameritas as the underwriter.  Ameritas was able to secure rates resulting in a $925,682.92 gross savings over the remaining life of the bond.  Tobin Buchanan of First National Bank Capital Markets, who served as the District’s Mutual Advisor, pointed to the strong financial position of the school district and a recovering market as key factors for the successful refinancing.  The savings will be realized annually through a reduction in tax asking and will decrease overall bond payments by 11% by the time the new bond is retired in 2035.  Superintendent Chip Kay commented “this is property tax relief for stakeholders in the District and shows effective fiscal leadership by the school board.  This is another successful story related to our building project.”

Shelby-Rising City Schools completed their building and renovation project in 2017 moving all grades to Shelby.  The new facilities including an elementary school (PK-5), a competition gymnasium, a fitness center, an agriculture education building, a football/track facility, parking lot improvements, and renovations to the existing building that included HVAC, kitchen expansion, asbestos abatement, safety/security improvements, and improved ADA accessibility.  The District continues to thrive with an enrollment of over 400 students.