Decatur Schools Saves Community $1.17 Million!
Posted by Patrick Creagan at 2/19/2015
Here's an update on the 2015 Refunding Bonds for Decatur Public Schools. After several months (beginning September 2014) of meetings with bond council, S & P, our bond underwriters and financial advisors, the bonds were priced on January 15, 2015. The bond issue was sole managed/underwritten by William Blair & Company of Southfield, MI and Chicago, IL. Stauder, Barch & Associates served as Financial Advisor and Thrun Law Firm as Bond Counsel. The District's timing into the bond markets was excellent as rates continued to decrease from the time of the School Board authorizing refunding resolution on November 17, 2014 to pricing day on January 15, 2015. Due to this decrease in interest rates, the Decatur Public Schools was able to generate a total savings of $1,176,404 for taxpayers over the life of the 14 year refunding loan! The Decatur Public Schools was able to replace an outstanding debt which had an average outstanding coupon rate of 4.37% with new debt that had an average interest rate cost of 2.62%, inclusive of all fees and costs of issuance. On Thursday, February 12, 2015, the financing of Decatur Public Schools Refunding Bonds was completed. We greatly appreciate the support of the Decatur Public Schools Board of Education during this process. Their patience and dedication to the school and the community should not be overlooked.