Board told district will seek $38 million final series of 2021 bonds; staff also briefed on bond dashboard, projects and state water-filler grant

The Livonia Public Schools Committee of the Whole was briefed Jan. 21 on plans to sell the final series of the district's 2021 bond and on the bond program's quarterly dashboard, project status and grant-funded compliance work.

Allison Smith, the district’s chief financial officer, told trustees the remaining series would be roughly $38 million and that staff plan to sell it via a negotiated sale using the district’s usual advisers. “It’s hard to believe it’s already time for the sale of our third series of bonds,” Smith said, summarizing why the district spread the $186,000,000 authorization across three series and how the timing matches construction needs.

Smith said the resolution to authorize the sale and related financing documents will be prepared for the board’s regular meeting next week and that the district would continue to use the financial advisor and counsel it has used on prior series. She said staff would propose JPMorgan Chase as underwriter, PFM as financial advisor and Troon Law Firm as bond counsel, and that the board packet will include the formal resolution for the upcoming vote.

Why it matters

Bond proceeds and related interest earnings fund major renovation and equipment work across Livonia Public Schools. The district's final series and other budget decisions affect how quickly projects proceed and how much taxpayers…