Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bonds Millage topic
No spam. Unsubscribe anytime.
Caledonia board delays bond pricing as members urge passage of non‑homestead millage
Summary
District finance staff said the second series of the 2023 voter‑approved bond will be held off the market pending better conditions; trustees emphasized the importance of passing the upcoming May 6 non‑homestead millage, which they said represents about 22% of the district budget (nearly $16 million).
Finance staff told the board the district will delay pricing the second and final series of its 2023 voter‑approved bond because recent market conditions make immediate pricing unfavorable. Miss Doris said Standard & Poor’s bond rating should hold for about two months and that financial advisors PFM will provide daily market updates so the district can price when conditions improve.
Board members asked whether the outcome of the pending non‑homestead millage would affect bond pricing. Staff said while the district’s strong credit rating helps, failure of the millage could have a negative effect. Trustees emphasized outreach and urged community members to review materials; Superintendent Dirk pointed to website resources and two public information nights scheduled to explain the election.
Several trustees framed the millage as critical to district operations: one trustee said it accounts for about 22% of the district’s budget and equates to nearly $16,000,000 in district funding, and called failure to pass the measure “catastrophic” for operations. Board members said the millage request funds the general operating fund and is not a capital bond.
No formal resolution to change the timing of the bond authorization was recorded; the decision recorded in the meeting was to hold off pricing and monitor market conditions and rating updates before returning to the board.
