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Berkley Schools Save Money on Old Bonds, Asking for 3 Mils on May 5

Berkley Schools Save Money on Old Bonds, Asking for 3 Mils on May 5ctechad

(Berkley Schools, Feb. 21, 2015)

The Berkley School District Board of Education announces the successful sale of its 2015 Refunding Bonds in the amount of $5,470,000.  The Bonds will be used for the purpose of refunding a portion of the School District’s outstanding 2005 Refunding Bonds and to pay the costs of issuing the Bonds.  The 2015 Refunding Bonds reduce the School District interest expense save Berkley School District taxpayers approximately $394,790 by lowering debt payments over the next four years.

In preparing to sell the 2015 Refunding Bonds, the School District, working with their financial advisor, Stauder, Barch & Associates, Inc., requested that Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. (“S&P”) evaluate the School District’s credit quality.  S&P assigned the School District the underlying rating of “A”.  The rating agency cited the School District’s strong per capita market value and income levels, increasing enrollment trend and good reserve levels in their rational for rating the School District at this level.

“Berkley School District prides itself on fiscal responsibility, and is proud to share this significant savings with the taxpayers,” said Superintendent Dennis McDavid.

The School District’s financing was conducted by the Michigan investment banking office of thegardenfreshAD brokerage firm, Stifel, the financial advising firm, Stauder, Barch & Associates, Inc., and the law firm serving as bond counsel, Thrun Law Firm, P.C.  The School District’s 2015 Refunding Bonds were sold at a true interest rate of 1.28% with a final maturity of 2019 (a repayment term of approximately 4 years).

Brenda Voutyras, Managing Director with Stifel states, “Berkley School District Bonds were well received by the bond market.  We were able to take advantage of historic low rates that met the goals of the District and produced a nice savings level for its taxpayers.”

The District is also asking voters to approve a 3 Mill Bond at the May 5, 2015 election. Details are from the School District’s website are:

2015 Bond Proposal Details

$58,950,000* (3 Mills) to invest in critical infrastructure replacement, district-wide technology upgrades, security and safety improvements, and classroom and program upgrades for aging school facilities.

Election on May 5, 2015.Sahara ad with wine

*The bonds will accrue interest over time, increasing the total investment, much like mortgaging a home.
THESE IMPROVEMENTS ARE BASED ON:
1. Goals outlined in the Vision 2020 Strategic Plan (2013)
2. Findings of the Comprehensive Academic Spaces, Facilities and Technology Needs Assessment (2013-2014)
3. Guiding Principles developed by 70-person Community Stakeholder Committee comprised of students, educators and residents of all ages from across the district. (2014)
TECHNOLOGY UPGRADES AND PROVEN EDUCATIONAL TECHNOLOGIES
• Interactive classroom projection systems
• Classroom sound amplification systemmodern natural baby inprogress
• Telephone and PA systems with cellular signal boost for emergency responders
• Building-wide secured Wi-Fi
• District-wide data network and technology system upgrades
SAFETY UPGRADES
• Upgrade building access card systems
• Upgrade security camera systems
• Upgrade fire alarm systems
• Remodel, relocate or enlarge main entrances district-wide to improve access control from the main office
CLASSROOM UPGRADES AND RELATED BUILDING IMPROVEMENTS
• Improve air quality, fresh air and temperature controls for student comfort and energy efficiency934_8600_Gen-Online_Banners
• Replace classroom and corridor finishes as required by other work
• Update select educational furniture and equipment
• Relocate, renovate or construct select art, design and music space as needed to provide adequate space for growing and changing STEM, art, vocal and instrumental programs
• Renovate or relocate select classrooms, resource rooms, learning specialists and therapists currently in undersized rooms
• Renovate select middle and high school computer labs and media center space to provide modern, flexible space for collaboration and exploration

CRITICAL INFRASTRUCTURE UPGRADES
• Heating, ventilation, ductwork, controls and piping
• Provide air conditioning at the high school for summer program and community use
• Replace obsolete electrical system components
• Replace lighting to improve learning environments and energy efficiency
• Remodel select restrooms and replace obsolete and worn plumbing fixtures and piping
• Replace select doors, windows, roofing, railings and exterior steps
• Correct site drainage where needed

INFORMATIONAL MEETINGS: All Meetings at 7 pmMBREW draft one

  • February 23 Community Informational Meeting, BHS Auditorium
  • March 4 Pattengill Info Mtg & Tour, Media Ctr
  • March 5 Norup Info Mtg & Tour, Media Ctr
  • March 6 Tyndall Info Mtg & Tour, Kiva
  • March 10 AMS Info Mtg & Tour, Media Ctr
  • March 11 Rogers Info Mtg & Tour, Media Ctr
  • March 12 BHS Info Mtg & Tour, Media Ctr
  • March 16 Angell Info Mtg & Tour, Media Ctr
  • March 18 Burton Info Mtg & Tour, Media Ctr

KEY DATES:
• Ballot Language Adoption, February 9
• Absentee Ballots Ready, March 21
• Last Day to Register to Vote, April 6
• Election Day, May 5

For more on Berkley Public Schools, including bond information, see http://www.berkleyschools.org.

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