Dear Cedar Springs Public Schools Families:
Exciting School District News: 2017 Refunding Bonds! The Board of Education Cedar Springs Public Schools is proud to announce the successful sale of its 2017 Refunding Bonds in the amount of $7,060,000. The Bonds are being issued for the purpose of currently refunding a portion of the School District’s outstanding 2007 Refunding Bonds and to pay the costs of issuing the Bonds. The 2017 Refunding Bonds reduce the School District interest expense over $679,873 for the taxpayers and will occur through lower debt payments over the next 12 years.
In preparing to sell the 2017 Refunding Bonds the School District, working with their financial advisor, PFM Financial 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 outstanding underlying rating of “A+”. The rating agency cited the School District’s stable economy with good incomes, strong market value per capita, stable enrollment, strong reserves and moderate debt burden in their rational for rating of the School District at this level.
I’m extremely pleased with the results of the refunding and thrilled that we’re able to save the taxpayers of Cedar Springs almost $700,000 over the next 12 years! When you add that to the $2.5 million saved from last years’ refunding, that’s significant.
The School District’s financing was conducted by the Michigan investment banking office of the brokerage firm, Stifel, the financial advising firm, PFM Financial Advisors LLC and the law firm serving as bond counsel, Thrun Law Firm, P.C. The School District’s 2017 Refunding Bonds were sold at a true interest rate of 2.85% with a final maturity of 2029 (a repayment term of approximately 12 years). Jeffrey Zylstra, Managing Director with Stifel states, “Cedar Springs 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 nice savings that will be passed on to the District’s Taxpayers.”
Please feel free to contact me should you have questions about this exciting news.
Laura VanDuyn, Ed.D., Superintendent of Schools
Office: 616-696-1204 ext. 1001 Cell: 925-899-3111 Email: firstname.lastname@example.org