LANB purchases $3 million in school bonds

Los Alamos Public Schools put a $3 million bond issue out to bid and has accepted the lowest bid, which was placed by Los Alamos National Bank (LANB). This bond is the residual amount from a $7 million general obligation school building bond election held Sept. 19, 2006.

LANB Cashier Anne Kain discussed the bond and why the bank submitted the favorable bid during a Nov. 20 school board meeting.

“We have strong values that emphasize supporting and investing in our community and this is one way we can show our support,” Kain said. “It allows the schools to get a better rate and is a good investment for the bank.”

LANB purchased the entire issue through local broker Kious and Company, Inc, which specializes in New Mexico municipal bond issues. Kious and Company has provided bond underwriting for more than 80 New Mexico school districts.

LANB’s bid provided the lowest cost to the schools, beating out Morgan Keegan, Stifel, Nicolaus & Co. Inc., and The Baker Group. The bank bid a gross interest cost of $740,711. Morgan Keegan bid $759,049, Stifel, Nicolaus & Co. Inc., came in at $817,901 and The Baker Group trailed with $820,165.

“Investing in local bonds is good for the bank, the community and the futures of our kids,” said LANB President Steve Wells regarding the bond purchase.

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