School bond sale is “well received”
Northville Public School Superintendent Mary Kay Gallagher
Mar. 22, 2018 PLYMOUTH EAGLE.
Plymouth Michigan News
Members of the Northville Public Schools Board of Education of Northville are more than pleased with the sale of the 2018 building and site bonds approved by voters last year.
The 2018 School Building and Site Bonds, Series I, in the amount of $11,910,000, representing the first series of bonds, are being issued for the purpose of erecting, furnishing and equipping additions to and remodeling, furnishing and refurnishing, and equipping and re-equipping school facilities; acquiring and installing instructional technology in school facilities; purchasing school buses; erecting, furnishing, equipping, developing and improving playgrounds, sites, athletic fields and facilities, and paying the cost of issuing the bonds, a district spokesman explained.
“The positive financial rating for the district’s bond issue contributed to the opportunity to sell the bonds at a favorable rate, maximizing the bond dollars targeted directly toward upgrading school facilities, enhancing existing school security, and providing students across the district with modern learning environments,” said Northville Superintendent of Schools Mary Kay Gallagher.
“Our primary goal is to support learning for all students in a manner that prepares them for meeting the expectations and demands of colleges, universities and employers now, and in the future. These improvements will enhance Northville Public Schools’ tradition of excellence, while honoring our board of education’s commitment to strong stewardship of the community’s investment in our schools,” she added.
The district’s financing was conducted by the Michigan investment banking office of the brokerage firm, Stifel, the municipal advising firm, PFM Financial Advisors LLC and the law firm serving as bond counsel,
Thrun Law Firm, P.C. The bonds were sold at a true interest rate of 2.23 percent with a final maturity of 2027 (a repayment term of approximately 9 years).
“Northville Public Schools’ bonds were well received by the bond market. We were able to take advantage of current interest rates that met the goals of the district and resulted in a lower cost of borrowing than originally anticipated,” said Brenda Voutyras, managing director with Stifel.