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Board authorizes up to $42.5M refunding of 2017 and 2018 school bonds; committee cites ~$3.48M PV savings
Summary
The Fruitport Board approved an authorizing resolution to refund certain 2017 and 2018 school bonds in an amount not to exceed $42.5 million; the Business & Finance Committee estimated approximately $3,483,293.77 in present value savings for taxpayers.
The Fruitport Community Schools Board of Education voted unanimously July 20 to approve an authorizing resolution to refund 2017 School Building and Site Bonds and 2018 School Building and Site Bonds, Series II, in an aggregate principal amount not to exceed $42,500,000. The motion (Item 26-74) was made by JB Meeuwenberg and seconded by Kathy Six and carried on a 7-0 roll call vote.
The Business & Finance Committee reported the proposed refunding could generate approximately $3,483,293.77 in present value savings for taxpayers. The committee discussion earlier in July also covered bond refunding timing and the expected fiscal impact; the Board approved moving forward with the authorizing resolution. The Board’s unanimous vote authorizes staff to pursue the refunding under the parameters discussed; no final sale or structure details were recorded in the minutes.
