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Utica Community Schools board authorizes issuance of up to $130 million in 2026 bonds
Summary
The Utica Community Schools Board approved a resolution Jan. 12 authorizing up to $130 million in 2026 School Building and Site Bonds as a second series under the 2023 bond election; the vote was 6-0 and gives closing authority to district administrators and named advisors.
The Utica Community Schools Board of Education on Jan. 12 approved a resolution authorizing the issuance of School Building and Site Bonds not to exceed $130,000,000 as the second series under the 2023 $550,000,000 bond election. The motion (Austerman, support Meyer) passed on a roll-call vote with six ayes and no nays.
The resolution, explained by William Holbrook, assistant superintendent for business and employee services, delegates closing authority to the superintendent and the assistant superintendent for business and confirms legal and financial advisors: Miller, Canfield, Paddock and Stone, P.L.C. as bond counsel; PFM Financial Advisors LLC as municipal advisor; and Stifel Nicolaus & Company, Incorporated as senior managing underwriter.
Why it matters: the bonds fund large-scale facility projects and safety upgrades included in the district’s 2023 Safety and Success Bond program. Superintendent Mr. Monroe’s report earlier in the meeting also noted the district’s recent debt refinancing is expected to save approximately $1.3 million in interest over the life of the debt, savings officials said can be redirected to expand building-program reach.
The resolution was presented with parameters established by PFM and prepared by Miller Canfield. The district indicated the issuance will follow the approved ballot language and applicable Michigan Department of Treasury application requirements. The board record shows the motion carried 6–0.
Next steps: the resolution grants closing authority to district leadership and names the advisors who will guide issuance; no additional board vote on the resolution was recorded at the meeting.
