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Waterford board authorizes final series of 2020 bond and approves legal counsel resolution
Summary
The board approved issuing the final Series 3 of the 2020 bond issue to bring proceeds into the district (approximately $45 million) and separately approved a resolution under the Revised School Code authorizing district bond counsel to represent the district for the issuance; both measures passed unanimously.
Trustees voted to authorize the issuance of the final series of the districtâs 2020 capital bond and to adopt a related resolution under the Michigan Revised School Code enabling the district to contract legal counsel for that bond issuance.
Why it matters: The vote allows the Waterford School District to issue the third series of bonds tied to the 2020 bond authorization so the district can access proceeds to complete construction and renovation projects that the administration says are more than 80% complete.
Assistant Superintendent Hildebrandt and financial advisor Steven Burke briefed trustees on the request. Hildebrandt said the district is coming back to market for the final series after earlier issues in 2020 and 2023. "We were able to move up some projects. We're actually over 80% completed, so we really do need these proceeds," the presentation said. The board was told administration seeks to time the sale ahead of a heavier May bond calendar to help secure favorable market pricing.
Steven Burke, the districtâs capital bond advisor, told trustees about market conditions and warned of a federal policy risk. He said current expectations for borrowing were "somewhere around 3 and a half percent" and advised that discussions in Washington about removing the tax exemption for municipal bonds would materially raise borrowing costs for taxpayers if enacted.
The board approved the bond authorizing resolution (the meeting packet identified the third series at roughly $45 million) on a recorded hand/voice vote. The board also approved a separate resolution enabling the district to contract with bond counsel under the Revised School Code (section referenced in the meeting as 13 52). Both votes passed unanimously as recorded.
Ending: The districtâs administration said they will bring final bond sale documents and a March action item to the board; trustees thanked staff and the financial advisers for their work.
