Locals scoop up school bonds
Dolores State Bank claims biggest share
When Montezuma-Cortez School District Re-1 announced it was putting $1.89 million in general obligation bonds up for sale last week, officials hoped some of them would go to locals.
As it turns out, they all did.
According to Dan O'Connell of RBC Capital Markets, 100 percent of the Re-1 bonds were claimed by eight individuals and Dolores State Bank at an average annual interest rate of 2.5 percent.
Dolores State Bank purchased $1.73 million worth of bonds; the remaining $160,000 was divvied up between the eight individuals. The bank also claimed all $3.6 million of Dolores School District Re-4a bonds, president Ed Merrit said.
In November's election, voters in both school districts approved ballot measures to build new school buildings or renovate old ones.
Merritt said his bank was happy to make the investment.
"We're a locally owned bank. Our stockholders live in Montezuma County," he said. "Our board of directors has five individuals. Three went to school in Dolores and two in Cortez. We value education and are excited to keep our money local."