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Wayne-Westland
Community
Schools
sale of
bonds
will
save
taxpayers
money
Wayne-Westland
Community
Schools
is proud
to
announce
the
successful
sale of
its 2019
School
Building
and Site
Bonds in
the
amount
of
$64,770,000
as
authorized
by the
voters
of the
School
District
on
November
6, 2018.
Together
with the
bond
premium
generated
from the
bond
sale,
The
District
was able
to
exceed
their
first
series
construction
fund
deposit
goal
with a
fund
deposit
just
under
$69.8
Million.
This
means
that the
amount
available
for
construction
came in
$625,941.25
higher
than the
budgeted
amount.
This is
good
news as
this
means
that
there is
an
$625,000
available
for
improvements
above
the
budgeted
amount.
Also,
the
actual
bond
interest
rate
came in
much
lower
than the
estimate.
That
means
that the
total
bond
payments
are
$13,167,163.45
lower
than the
budgeted
amount.
This
means
taxpayers
will pay
less
than
originally
anticipated
over the
course
of the
bond.
The 2019
School
Building
and Site
Bonds,
representing
the
first
series
of bonds
pursuant
to such
authorization,
will be
used for
the
purpose
of
remodeling,
equipping,
re-equipping,
furnishing,
re-furnishing
school
buildings,
athletic
fields
and
other
facilities
for
safety
and
security,
energy
conservation
and
other
purposes;
acquiring
and
installing
instructional
technology
equipment
and
infrastructure
in
school
buildings
and
other
facilities;
construction
of
additions
to
existing
school
buildings
and
athletic
field
houses
at both
high
school
sites;
preparing,
developing
and
improving
sites at
school
buildings,
playgrounds,
athletic
fields
and
other
facilities
and the
purchase
of
school
buses,
and
paying
the
costs of
issuing
the
Bonds.
In
preparing
to sell
the 2019
School
Building
and Site
Bonds,
the
School
District,
working
with
their
municipal
advisor,
Baker
Tilly
Municipal
Advisors,
LLC,
requested
that S&P
Global
Ratings,
acting
through
Standard
and
Poor's
Financial
Services
LLC
("S&P")
evaluate
the
School
District's
credit
quality.
S&P
assigned
the
School
District
the
underlying
rating
of
"BBB+"
and
stable.
The
Bonds
were
also
qualified
through
the
State of
Michigan’s
School
Bond
Qualification
and Loan
Program
which
further
enhanced
the
District’s
Bond
rating
to “AA”
and
stable.
"We are
so proud
that we
are able
to be
good
financial
stewards
and sell
our
bonds at
the most
advantageous
time.
The
District
and our
community
will
benefit
from the
fiscal
responsibility
and the
improvements
to our
schools
that the
bond
funds
will
allow us
to
complete,"
said Dr.
Shelley
Holt,
superintendent.
The
School
District's
financing
was
conducted
by the
Michigan
investment
banking
office
of the
brokerage
firm,
Stifel,
the
municipal
advisory
firm,
Baker
Tilly
Municipal
Advisors
LLC and
the law
firm
serving
as bond
counsel,
Miller,
Canfield,
Paddock
and
Stone,
P.L.C.
The
School
District's
2019
School
Building
and Site
Bonds,
were
sold at
a true
interest
rate of
2.99%
with a
final
maturity
of 2043
(a
repayment
term of
approximately
25
years).
Brodie
Killian,
Managing
Director
with
Stifel
states,
"Wayne-Westland
Community
Schools’
Bonds
were
sold at
an
opportune
time in
the bond
market.
The
District
was able
to enter
the bond
market
after a
recent
decline
in
interest
rates.
The
financing
met the
goals of
the
District
and
resulted
in a
cost of
borrowing
that was
considerably
lower
than
originally
anticipated."
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