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School district refunds building and site bonds

The Antrim Review of Bellaire, Michigan

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BELLAIRE — The Board of Education of Bellaire Public School District recently announced the successful sale of its 2015 Refunding Bonds. The bonds were issued for the purpose of refunding the school district's 2006 School Building and Site Bonds.

According to Bellaire Superintendent Jim Emery, this refinancing reduces the school district's payments by approximately $1,230,000 for the taxpayers and will occur through lower debt payments over the next 21 years.

In preparing to sell the 2015 Refunding Bonds, the school district requested that Standard & Poor's Ratings Services (S&P) evaluate the district's credit quality. Bellaire Public Schools maintained its S&P rating of "A-." The rating agency cited the district's very strong tax base and strong reserve levels as a percentage of expenditures in its rationales for maintaining the district at its current rating.

"The board of education should be commended for their fiscal responsibility," said Emery. "Due to their fiscal management, the district received a sound credit rating which manifested into a competitive market for the purchasing of the bond."

The district's 2015 Refunding Bonds were sold at a true interest rate of 3.52 percent with a final maturity of 2036.

In addition, the district received a "Certificate of Excellence" from the Michigan State Police for achieving a 100 percent pass rate for school bus safety inspections for the 2015-16 school year.

"Thanks to our students, bus drivers and maintenance staff at TCAPS for making this happen," said Emery.

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Original Publication Date: November 5, 2015

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