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Warren Consolidated Schools recently sold its “2025 Bonds.” District Superintendent John C. Bernia Jr. thanked community members for their support in passing the $150 million bond in May 2022.
File photo by Maria Allard
WARREN — Last month, the Warren Consolidated Schools Board of Education reported the successful sale of its 2025 school building and site bonds, known as the “2025 Bonds.”
According to a district press release issued March 21, the 2025 Bonds were sold at a tax-exempt fixed interest rate of 4.28%, with a final maturity of 2045.
Bond dollars will be used for building updates throughout the district, athletic field improvements, and playground and technology upgrades. The 2025 Bonds are the second phase of the $150 million bond issue that passed in May 2022.
Superintendent John C. Bernia Jr. thanked the community for approving the bond proposal.
“Much of the important work of the bond program will enhance and preserve our facilities for many years to come,” he said in a prepared statement. “In addition to protecting our facilities, the bond program will also support critical student needs at all levels.”
In preparing to sell the 2025 Bonds, school officials requested a credit evaluation from S&P Global, and the district’s credit rating was upgraded to “A-.” S&P Global cited the district’s maintenance of structural balance and stable reserves as the reason for the upgrade, the press release states. The 2025 Bonds also were assigned a rating of “AA” due to the district’s participation in the Michigan School Bond Qualification and Loan Program.
Bernia also thanked the board members for their actions.
“The Board of Education should be commended for their fiscal responsibility,” Bernia said. “Due to the Board’s fiscal management, the district received a credit upgrade which delivered a competitive market of investors ready to purchase the district’s 2025 Bonds.”
The district’s financing is structured and coordinated by PFM Financial Advisors LLC, and the law firm serving as bond counsel, Miller, Canfield, Paddock and Stone, P.L.C. The managing underwriter of the 2025 Bonds is Huntington Capital Markets.
For more information about the bond projects, go to wcs.k12.mi.us/Bond2022/.
