HASTINGS – The Adams Central School Board approved a municipal adviser contract with First National Capital Markets to refinance bonds from the construction of the elementary school. In May of 2016 voters approved a 19.7 million dollar bond issue to build an elementary school that replaced the district’s three separate elementary schools.
Superintendent Shawn Scott says that hiring First National Capital Markets is the first step of the refinancing process.
It’s the same company that helped us with the initial bonds that we did for the elementary. Really what it does is it helps us with selecting an underwriter. Which is a bidding process that they take care of for us. And that’s where schools see some costs. So them taking care of that and bidding it out for us helps. It also starts the bond rating process. Because we have to go through a national rating of our school district. That’s fairly lengthy. And then they also develop all of the resolutions and those resolutions will be ready for our school board meeting in December.
Once they pass the resolutions First National will then look for the best refinancing options that are available. After they refinance the bond, it will save taxpayers money.
The bonds won’t be able to be sold until June of 2021 but they are getting the process going ahead of time.