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Okemos board briefed on series-3 bond plan: up to $96.2M issuance, no millage increase planned
Summary
Executive Director Lentz and Superintendent Hood updated trustees on a planned series-3 bond draw (up to $96.2 million, 30-year term) with no proposed millage increase, discussed using negotiated sale, sinking-fund tradeoffs (technology vs. roofs) and bus cost overruns.
Executive Director Lentz told the Okemos Board of Education that the district plans a series-3 bond issuance in early 2026 for up to $96.2 million with a 30-year term and a recommended negotiated sale. "Again, no millage increase," Lentz said, and the proposed structure would allow the district and superintendent to accept an underwriter's offer and return to the board to ratify the sale.
Lentz explained the district's levy structure: operating mills, an "extra voted" mill pool (used to preserve…
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