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Exciting School District News: Bond Refunding, Series A and Series B

The Board of Education is committed to providing an excellent education for every child in the district. The Board of Education is committed to high expectations for excellence in all we do as a district. We hold ourselves and all others accountable and expect every person to work with integrity in all positions. To that end this Board of Education is providing transparency in all they do. This Board is proud of the forward motion of the school district and a list of many accomplishments in the 2014-15 and 2015-16 school years.

An example of a recent accomplishment that will serve our district and community well is the refunding of Bonds, Series A and Series B. The Superintendent, Board of Education, Director of Business and Finance, CSPS Accountant, financial advisors to the District, banks and legal counsel worked through a lengthy process to make the bond refunding possible. A summary of the bond refunding process is illustrated as follows:

December 14, 2015: Board of Education adopted a delegating resolution at a regular board meeting. This authorized the superintendent to accept and execute a Bond Purchase Agreement with the Underwriter.

February 1, 2016: Conference call with all parties to review POS
February 8, 2016 (week of): Conference call with rating agency
February 18, 2016: Pricing of bonds (subject to market conditions)
February 19, 2016: Superintendent executes bond purchase agreement
March 14, 2016: Board of Education adopts a “ratification resolution” at a regular board meeting. This is an additional, but not mandatory step, to add a great depth of transparency and support to the process. Signatures from the superintendent, Board President and Board Secretary were required to adopt the resolution.
March 23, 2016: Closing

This Board of Education and leadership team are excited to have worked through this long and involved process to save our tax payers approximately 2.5 million dollars over the next several years. Please see our website www.csredhawks.org where all documents related to the bond refunding are available for your review. Please feel free to contact Dr. Laura VanDuyn, Superintendent, at 696-1204 ext. 1001, should you have any questions or would like to meet to discuss this exciting news.

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