12/10/13 - The Brighton Board of Education Monday night unanimously approved the sale of a second series of bonds in conjunction with the $89 million bond issue passed by the voters last year. According to Superintendent Greg Gray, the district did exceptionally well on the Series II bond sale, which encompasses most remaining aspects of the bond issue. The interest rate on the bonds will vary from 2-to-5 per cent. Although the districtâs bond counselors didnât have the exact figures at hand, the interest savings for the district â and therefore to district taxpayers - will be in the millions of dollars. Gray says as a result, the school district will be able to pay off the bonds in half the time. Bond counselors also informed the board at their presentation Monday night that although bond insurance was factored in the original projections, it wasnât needed, which will save the district another $385,000. The school board was originally set to hold the bond sale several months ago but decided to delay it because of a combination of factors: Interest rates werenât favorable at that time and Detroitâs financial problems had given Michigan a bad name in the bond market. So the board decided to wait until the bond market improved, which Gray says turned out to be a wise decision. The only bonds remaining to be sold are the last series of technology bonds, totaling $4.6 million. (TT)
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