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Cherry Creek School District sells voter approved bonds
On Wednesday, December 12, 2012, the Cherry Creek School District successfully sold $125,000,000 of District General Obligation debt with a True Interest Cost of 2.60%.   

The bonds were sold competitively with bids received electronically via the internet.  The winning bid was submitted by Bank of America Merrill Lynch. The cover, or second best bid, was submitted by Wells Fargo Bank.  There were four additional bidders including Citigroup Global Markets; William Blair & Company; Stifel Nicolaus & Company; and Robert W. Baird & Co.  Guy Bellville, Cherry Creek School District CFO, said that the district was able to take advantage of a very strong bond market and sell the bonds at historically low interest rates. 

Because of the low interest rates, the interest cost of the bonds will be less than half of the interest cap authorized by the voters in the November election, said Mr. Bellville.  Thus, district taxpayers will pay significantly less interest on this debt as a result of these lower interest rates.

According to the district’s financial advisors, the aggressive bids received today are a reflection of investor appetite for tax exempt investments.  Cherry Creek is an extremely strong credit, as evidenced by the Aa1/AA ratings assigned by Moody’s and Standard & Poor’s, respectively.

All of the bonds authorized by the voters of the district in the November 2012 election were sold at this time.  The proceeds from the bond issue will be used to enlarge some existing schools to accommodate growth, to renovate and upgrade existing schools, and to provide safety/security and technology enhancements across the district.
Posted 12/17/2012 3:16 PM
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Cherry Creek School District No. 5 does not discriminate on the basis of race, color, national origin, sex, age or disability in admission to its programs, services or activities, in access to them, in treatment of individuals, or in any aspect of their operations. The lack of English language skills shall not be a barrier to admission or participation in the district’s activities and programs. The Cherry Creek School District No. 5 also does not discriminate in its hiring or employment practices. This notice is provided as required by Title VI of the Civil Rights Act of 1964, Section 504 of the Rehabilitation Act of 1973, Title IX of the Education Amendments of 1972, the Age Discrimination Act of 1975, and the Americans with Disabilities Act of 1990. Questions, complaints, or requests for additional information regarding these laws may be forwarded to the designated compliance officer: District Compliance Officer or directly to the U.S. Department of Education, Office for Civil Rights, Region VIII, Federal Office Building 1244 North Speer Blvd., Suite #310, Denver, CO 80204.

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