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Redford Union reports favorable Series 1 bond sale; Robert W. Baird the winning bidder
Summary
District officials said a completed Series 1 bond sale produced $123,216 more than expected, drew four bidders and will be reflected on summer tax bills; closing documents and board signatures may be required at the June 16 meeting.
Redford Union Schools District No. 1 officials said the district completed a Series 1 bond sale that brought in $123,216 more than anticipated and was won by Robert W. Baird and Company at a cost just over 5% interest.
The result matters because district staff intend to include the sale on summer tax bills and must finish closing steps that may require board members to sign documents at the June 16 meeting. Bond counsel Rob Gavin is working with district staff on the remaining paperwork, officials said.
A district speaker said four bidders responded to the notice of sale; the speaker noted that three bidders is the norm and that representatives from Baker Tiller reviewed the responses. The speaker said the district will send a summary memo about the completed sale and will circulate the notice of sale that preceded the bids.
Officials described the additional $123,216 as funds beyond “the 12.5 we were supposed to have for Series 1,” wording used in the meeting record. No additional budgetary allocations tied to the proceeds were specified during the discussion.
No vote on the sale was recorded during the excerpted discussion. Staff said they are coordinating signatures and closing with bond counsel so the sale can be reflected on summer property tax statements.
District officials did not provide in the transcript the precise principal amount of Series 1, the referenced “12.5” value in full units, or the definitive schedule for closing signatures beyond the notation that some documents may appear on the June 16 meeting agenda.
