Mason Public Schools Completes Bond Sale Under Budget and Receives Strong Bond Rating

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Standard & Poor’s (S & P) Global Ratings raises district’s rating from ‘A’ to ‘A+’

MASON, MI – Last week, Mason Public Schools successfully completed the sale of Bonds necessary to complete Phase1 of the district’s Capital Improvement Project, as well as received an upgraded rating from Standard & Poor’s (S & P) Global Ratings for building and site bonds.

On Monday, April 16, the district successfully completed the Bond sale of the $34 million budgeted for Phase 1 of the district’s Capital Improvement Project. The district received strong competition for the Bonds, receiving seven bids total. The lowest bidder was UBS Financial Services, which provided a True Interest Cost (TIC) bid of 3.37%. The initial interest estimate submitted in the Bond application to the Department of Treasury was 4.22%. As a result, the actual debt service, which includes principal and interest, for the 2018 Bonds will be less than budgeted. The average millage levied to pay off the debt over the life of the bonds will be reduced, resulting in a savings for taxpayers.

Earlier this month, Standard & Poor’s (S & P) Global Ratings released its Bond rating for the district. S & P has upgraded the school’s Bond rating from an A to an A+. S & P takes many factors into consideration to rate a school district for Bond sales. For Mason, the A+ rating from S & P reflects the district’s positive operating performance, stable enrollment and growth of available reserves from 7.2% in fiscal 2014 to 12.7% in fiscal 2017.

“Phase 1 of the Capital Improvement Project has gotten off to a strong start with the announcement of a favorable bond rating as well as a lower-than-budgeted interest rate,” said Ronald Drzewicki, Ed.S., Superintendent of Mason Public Schools. “The district has been conservative and ambitious with the initial steps and timelines for the project. With this official kick-off, we can now move forward to design and construction all while keeping the end goal in mind – student success.”

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Mason Public Schools Auctions Surplus Items

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Mason Public Schools has partnered with Sheridan Realty & Auction Co. to auction items owned by the district.

MASON, MI – The auction is currently open and will end at 1PM on April 5, 2018. The items, which currently are being housed in the district-owned pole barn are available for the community to purchase through the auction. The pole barn will be sold through a bid process which is currently underway.

After the successful passing of the $69.7 million bond proposal in November 2017, the district has been working on site and building plans as part of the Capital Improvements that will take place. The Harvey Education Center, which will be renovated to house Mason Public Schools Child Development Services and kindergarten programs beginning in fall 2019, is the first to undergo design and construction. The pole barn and contents are located adjacent to the Harvey Education Center and need to be removed to continue with the Capital Improvement plans.

To bid on the auction items, visit https://www.sheridanauctionservice.com/project/details/31053/.

If you have any questions about the auction, please contact Doug Sheridan, Sheridan Realty & Auction Co. at doug@sheridanauctionservice.com or 517.676.9800.

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