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Lease financing OK’d for future land purchases

Projected Expansion Plans

Members of the Glenwood School Board have approved the sale of $265,000 lease certificates of participation to its municipal bond underwriter, L.J. Hart and Company of St. Louis for the purpose of acquiring land for future expansion needs. Superintendent Wayne Stewart said the certificates were all placed with West Plains Bank and Trust Company due to its strong support of the district and he is pleased that the bank was able to purchase all of the certificates.

“This reflects very favorably on the West Plains Bank and Trust Company’s willingness to assist a small local rural school district at an attractive interest rate,” Stewart said.

The certificates are scheduled to mature March 1, 2020, with a re-offered yield of 2.25 percent with principal payments taking place on an annual basis. The certificates contain an optional redemption (call) provision on March 1, 2016, at no penalty that will facilitate the reduction of future interest expense in the event of prepayment.

The financing proceeds are expected to be available to the district on March 26.

Glenwood board President Eric Martin commended Stewart and L.J. Hart and Company for developing the attractive structure of the financing with competitive interest rates while maintaining a short call feature of only one year.

“It is nice to have flexibility to potentially save our taxpayers’ money with a prepayment while receiving terrific support from the West Plains Bank and Trust 

Our Mission

We, the Glenwood R-VIII School and community, choose as our mission to develop, enrich, and prepare the students of this district to achieve to their highest personal potential.

This will be achieved through high expectations and the promotion of self-worth through academic, physical and social opportunities so that all students will become contributors to the society in which we live.Glenwood R-VIII School District located 5.6 miles south of West Plains, (Howell County) Missouri in the southern part of the state (view map). Glenwood R-VIII is a Pre K-8 school district with 265 students, in a typical academic program. The district has received "Distinction in Performance" awards from 2004 through 2012.