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Anchor Bay board ratifies $54.36M bond series and hears bond construction progress
Summary
The board ratified the district’s second bond series sale and received an update on construction at multiple schools, the bond financing results and a revised timetable for work tied to school schedules.
The Anchor Bay School District Board of Education ratified a resolution on May 28 confirming acceptance of the district’s second series of bonds totaling $54,364,000 and received a superintendent presentation on construction, project schedules and bond spending.
Superintendent Phil Jankowski reported that the district sold the second bond series to Jefferies LLC with a total interest cost of 4.84%, below the conservative 5% estimate the district had used in planning. He told the board that the better-than-projected rate will free roughly $520,000 for project use because interest savings were larger than budgeted.
Jankowski provided detailed construction updates across the district’s bond program: punch-list and final inspections on the high‑school phase‑1 addition, continuing work on phase‑3 items (bathrooms and the media center) and roofing that is roughly half complete. He said many interior finishes are entering inspection and startup phases, the middle-school south demolition near the tennis courts has occurred, and Lighthouse Elementary abatement and wiring are scheduled for completion during the summer so the district can meet an August 20 occupancy target.
Jankowski also summarized cumulative bond spending: approximately $23 million expended and $32 million committed to date across the $170 million program; the board sold Series 2 for just over $54 million to fund middle‑school and elementary projects planned in that series.
Transportation changes tied to construction were presented: middle-school north will start classes at 8:00 a.m. next year and middle-school south at 8:20 a.m. to preserve routing reliability. Bus-route adjustments will continue to be monitored during summer run-throughs and could be modified as drivers and routes stabilize.
The board unanimously approved the ratification resolution at the meeting, and members asked a range of follow-up questions about punch-list timelines, roofing staging and parking‑lot restoration once construction equipment is removed.
