8/30/13 - Earlier this summer, the Brighton Board of Education was prepared to go ahead with sale of a second series of bonds totaling $38 million. However, an "uptick" in the interest rate for local governments across the state has led the board to postpone putting the bonds on the market. Itâs related to the $88 million school bond issue previously approved by voters. Assistant Superintendent of Finance Maria Gistinger told the board at its meeting this past week that municipalities and school districts in Michigan are being adversely affected by the bankruptcy issue in the city of Detroit, which has caused interest rates on the bond markets to rise. Superintendent Greg Gray says eventually the interest rates will settle down so that school districts statewide will no longer be penalized for a problem not of their own making. He tells WHMI the district can easily hold off until next February on the sale of the bonds, without adversely affecting any construction projects. The bond issue construction projects scheduled for next year include renovations at Hilton, Hornung and Spencer schools, a new roof at Hornung and renovations at the Brighton Education and Community Center. Down the line, other projects include additional technology upgrades and more renovation work in school buildings, which will be phased in over the next three years. Elsewhere on the bond scene, the school board agreed to proceed with the refinancing of a series of four previous bond issues in order to save about $300,000 in interest costs. (TT/JM)
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