Topeka Public Schools Bond Sale Crushes Expectations

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TOPEKA, Kan. (WIBW) -- The stars were aligned for the approval Topeka Public District's latest bonds on Wednesday. USD 501 will get a 3.9% interest rate, said Superintendent Dr. Julie Ford.

Board members had conservatively projected a 5.1% rate on the auction of bonds related to the district's $143 million bond issue, which was approved by voters in April.

The lower interest rate will save taxpayers millions of dollars, she explained.

"Truthfully, I talked to superintendents across Kansas last week," said Ford. "One had come in at 4.1%. I was at best hoping for 4.1 or maybe a little higher because it could have gone up with the size if the bond. And, for it to come in at 3 point 9 percent is truly a triumphant day."

A majority of the bonds went to Bank of America-Merrill Lynch.Board members gave final approval to the sale at their meeting Thursday night.

Posted by: Nick Viviani