Mason, MI – At the April Mason Public Schools Board of Education meeting, the Board ratified the sale of the District’s Series II bonds. On March 17, the District successfully completed the Bond sale of the $19.2 million budgeted for the next phase of the District’s Capital Improvement Project. The District received strong competition for the Bonds, receiving six bids. The lowest bidder was KeyBanc Capital Markets, which provided a True Interest Cost (TIC) bid of 1.98% down from 3.37% for the Series I sale in 2018.
Due to Mason Public Schools' high bond rating and a strong competitive bid process, the actual total debt service (principal and interest) for the bond issue was significantly under the estimated total debt service by $10 million. This is a significant cost reduction secured for the community's taxpayers.
As part of the process, Standard & Poors (S&P) Global Ratings reviewed its Bond rating for the District and S&P has maintained the District’s Bond rating of an A+. S&P takes many factors into consideration to rate a school district for Bond sales. For Mason, access to the greater Lansing-East Lansing economy, strong wealth indicators, stable enrollment and a healthy fund balance supported an A+ rating from S&P.
“It is important for Mason Public Schools to continue to demonstrate strong fiscal management and maintain community trust. I am extremely proud of the District’s financial team for receiving such a strong S&P rating as well as doing as much as possible to save our taxpayers money,” said Ronald Drzewicki, Ed.S., Superintendent, Mason Public Schools.
Series II of the Capital Improvement Project will primarily consist of the renovation of Steele Elementary, bus replacement and technology upgrades. A groundbreaking for the construction project will take place later this Spring and it will be completed in August 2022.