Page 12 - The Wayne Dispatch

Sale of bonds to save taxpayers money and

put additional funds into building updates

Wayne-Westland Community "We are so proud that we are able to be good financial ble.
Schools is proud to announce the "We are so proud that we are able
successful sale of its 2019 School stewards and sell our bonds at the most advantageous time. to be good financial stewards and
Building and Site Bonds in the The District and our community will benefit from the sell our bonds at the most advanta-
amount of $64,770,000 as author- geous time. The District and our
ized by the voters of the School Dis- fiscal responsibility and the improvements to our schools community will benefit from the fis-
trict on November 6, 2018. Together cal responsibility and the improve-
with the bond premium generated that the bond funds will allow us to complete." ments to our schools that the bond
from the bond sale, the District was funds will allow us to complete," said
able to exceed their first series con- Superintendent Dr. Shelley Holt Holt.
struction fund deposit goal with a The School District's financing
fund deposit just under $69.8 mil- came a business woman and super- both high school sites; preparing, de- was conducted by the Michigan in-
lion. intendent. This bond sale is a testa- veloping and improving sites at vestment banking office of the bro-
This means that the amount avail- ment to all teachers and people school buildings, playgrounds, ath- kerage firm, Stifel, the municipal
able for construction came in at anywhere that we can do anything we letic fields and other facilities and advisory firm, Baker Tilly Municipal
$625,941.25 higher than the bud- set our minds to when we get the the purchase of school buses, and Advisors LLC and the law firm serv-
geted amount. This is good news as right people on our team working to- paying the costs of issuing the ing as bond counsel, Miller, Canfield,
this means that there is an addi- wards a common goal. We believe in Bonds. Paddock and Stone, P.L.C. The
tional $625,000 available for im- Wayne-Westland!” In preparing to sell the 2019 School District's 2019 School Build-
provements above the budgeted The 2019 School Building and School Building and Site Bonds, the ing and Site Bonds, were sold at a
amount. Site Bonds, representing the first se- School District, working with their true interest rate of 2.99% with a
Also, the actual bond interest rate ries of bonds pursuant to such au- municipal advisor, Baker Tilly Mu- final maturity of 2043 (a repayment
came in much lower than the esti- thorization, will be used for the nicipal Advisors, LLC, requested term of approximately 25 years).
mate. That means that the total purpose of remodeling, equipping, that S&P Global Ratings, acting Brodie Killian, Managing Director
bond payments are $13,167,163.45 re-equipping, furnishing, re-furnish- through Standard and Poor's Finan- with Stifel states, "Wayne-Westland
lower than the budgeted amount. ing school buildings, athletic fields cial Services LLC ("S&P") evaluate Community Schools’ Bonds were
This means taxpayers will pay less and other facilities for safety and se- the School District's credit quality. sold at an opportune time in the
than originally anticipated over the curity, energy conservation and other S&P assigned the School District the bond market. The District was able
course of the bond. purposes; acquiring and installing underlying rating of "BBB+" and sta- to enter the bond market after a re-
Dr. Shelley Holt, superintendent, instructional technology equipment ble. The Bonds were also qualified cent decline in interest rates. The fi-
worked with the District’s municipal and infrastructure in school build- through the State of Michigan’s nancing met the goals of the District
advisor, Baker Tilly Municipal Advi- ings and other facilities; construc- School Bond Qualification and Loan and resulted in a cost of borrowing
sors, LLC to secure these rates. tion of additions to existing school Program which further enhanced the that was considerably lower than
She said, “I’m a teacher who be- buildings and athletic field houses at District’s Bond rating to “AA” and sta- originally anticipated."
Downtown Days coming August 9 and 10

Downtown Days is tion of Veterans Plaza, Wayne Photography Contest, pre- • Live musical performances
moving to August. and all-day entertain- sented by Helium Studios. throughout the weekend.
Downtown Days will be ment. We feel that we • Art-O-Motive returns for a sec- A full schedule of events will be
held in Veterans Plaza will be offering Wayne a ond year with decorated car hoods available at downtownwayne.org/-
at 34841 Veterans Plaza unique family-friendly from talented artists. downtowndays in the coming weeks.
Street, next to the experience filled with
Wayne Public Library in music, food, and good
historic Downtown times,” says Paul
Wayne on Friday, Au- Sposite, Board Member
gust 9 from 11:00 a.m.- of Wayne Main Street
9:00 p.m. and Saturday, and Chair of Downtown
August 10 from 9:00 Days.
a.m.-9:00 p.m. Some of this year’s highlights in-
Wayne Main Street has sought to clude:
build upon the success of previous • A Flea Market/Community
Downtown Days by increasing the Garage Sale with vendors featuring
number of activities occurring antiques, collectables, art, and other
throughout the weekend, with a unique offerings.
focus on art, sales, markets, and live • On Friday, August 9, the Detroit
music. “Wayne Main Street is excited Institute of Arts will be hosting a free
about the changes we have made in Drop-In Workshop for kids.
this year’s event, with the new loca- • The third annual Window on
12 · June 2019 · The Wayne Dispatch