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Dowagiac board approves bond refunding projected to save about $3.7 million
Summary
The Dowagiac Union School District board approved a bond refunding resolution the superintendent said will save roughly $3.7 million over the remaining life of the debt; trustees approved the resolution by roll call during the regular meeting.
The Dowagiac Union School District Board of Education voted to approve a bond refunding resolution after district officials said market timing produced larger-than-expected savings.
Superintendent Greg Bloomgren told trustees the district initially expected about $2 million in savings but that favorable market conditions produced substantially more. "Instead of being around $2 million in savings ... we'll save about $3.7 million over the life of the debt," Bloomgren said.
Board member Stephanie Tucker moved to approve the bond refunding resolution as provided by legal counsel; the motion was seconded and carried by roll call. Administration said the refunding covers debt associated with renovations completed in 2015–16 and that the savings will accrue to taxpayers over the remaining life of the bonds through 2041.
Bloomgren credited the districtfinancial team and external advisors for timing the sale, and called the outcome a demonstration of fiscal stewardship. The boardasked that administration and counsel share final closing documents with the board and publish a short summary for the community.
The board approved the resolution as presented; trustees moved later into other business including capital purchases and personnel actions. The board adjourned into closed session later in the evening to address student-discipline and personnel matters.
