Board authorizes sale of Series 2 bonds to complete voter-approved 2022 projects
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Summary
The board approved a bond authorization and delegation resolution to issue Series 2 bonds, allowing the district to sell roughly $71.5 million to complete voter-approved projects from the May 2022 bond measure, including Willow, Luton and additional air-conditioning work.
The Lansing Public School District Board of Education on March 20 approved a bond authorization and delegation resolution needed to sell the second series of voter-approved bonds from the May 2022 bond measure.
Kim Adams explained the bond timeline and amounts: voters approved $129,700,000 in May 2022. The district sold Series 1 in June 2022 for $58,192,490 and the Series 2 sale will cover the remaining authorization. Adams told the board the Series 2 issuance is expected to be about $71,507,510 and should be sold by June, subject to market conditions and the delegation resolution the board approved.
She said the first bond proceeds financed air conditioning at Averill and Lyons, some Sexton work, demolition of Mount Hope and Willow, and the rebuild of Mount Hope with a portion of Willow work. The Series 2 proceeds will fund completion of Willow Elementary, Luton Elementary, and additional air-conditioning projects and Sexton renovations.
Trustees asked who purchases the bonds and how the public learns about the sale. Adams and a trustee explained that bond underwriters market the series to institutional investors; staff said they would issue public communications, including a press release, to explain the Series 2 sale and the projects it will fund. The board voted to approve the authorization and delegation resolution; the transcript shows the vote as 8-0.