Vicksburg Warren School District

The Vicksburg-Warren School District (VWSD), is a public school district the serves all of Warren County which is located in western Mississippi. VWSD has an enrolment of 8,200 students in three high schools, three middle schools, ten elementary schools and an alternative program. In 2017 voters in Warren County approved a General Obligation Bond issuance up to $83 million, with 68% of votes cast in favor of the issuance. As part of the capital stack and to maximize monies available for new construction, VWSD was able to attain New-Market Tax Credits for part of the project. The New Market Tax Credit (NMTC) Structure required a seven year, taxable leveraged loan component in order for VWSD to receive the equity from the tax credits.

The Solution

Crews was able to place a $12.310 million 15 year, taxable, GO Bond with a regional financial institution at a very attractive interest rate. Notably, Crews was able to negotiate a 7 year call to allow for conversion to a tax-exempt structure after the required New Market Tax Credit 7 year taxable structure expired.

The Difference

Crews worked hard to serve our client in extraordinary ways by:

  1. Working with the VWSD, bond counsel and the NMTC fund to help VWSD attain an additional $17 million for new construction.
  2. Negotiated a call structure to allow for conversion to tax-exempt structure at expiration of NMTC required 7 year taxable period.
  3. First such structure for school district in Mississippi.