Schools

Huron Valley District Sells Bonds for Technology

The Huron Valley School District announced it successfully sold $4.94 million in bond for its 2012 School Technology and Bus Bonds, Series II.

The following is a release from the Huron Valley School District.

The Board of Education of Huron Valley Schools is proud to announce the successful sale of its 2012 School Technology and Bus Bonds, Series II in the amount of $4.94 million. The Bonds will be used for the purpose of acquiring and installing educational technology improvements and related infrastructure, furnishings and equipment; acquiring school buses and to pay of the costs of issuing the Bonds.

In preparing to sell the 2012 School Technology and Bus Bonds, Series II, Huron Valley Schools, 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 District’s credit quality. S&P affirmed the District’s outstanding underlying rating of "AA-". The rating agency cited the District's strong income levels, strong financial reserve levels and overall moderate net debt burden in their rational for maintaining the rating of the School District at this level.

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“We have maintained our strong fiscal status during a very difficult financial period for the state and our schools,” said Interim Superintendent Jim Baker. “Although we’ve had to make very tough decisions to maintain our financial stability, those decisions are paying off--as evidenced by this type of positive news from our rating agency.”

The District's financing was conducted by the Michigan investment banking office of the brokerage firm, Stifel Nicolaus, the financial advising firm, Stauder Barch & Associates, Inc. and the law firm serving as bond counsel, Thrun Law Firm PLC. The School District's 2012 School Technology and Bus Bonds, Series II were sold at a true interest rate of 1.93% with a final maturity of 2021 (a repayment term of approximately 9 years).

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Brenda Voutyras, Managing Director with Stifel Nicolaus states, "Huron Valley School 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 provided a cost of financing below original estimates."


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