(STURGIS) – The Sturgis Board of Education took a step Monday to refund some outstanding bonds.
During the Sturgis Showcase, Nathan Watson of PFM presented to the Board a plan to refund $5.7 million in bonds that the School District has on their books with the State of Michigan's School Board Revolving Fund. If the District is able to refund the money, Watson says they will continue to levy the same millage amount they currently do. LINKC.
Watson explains how PFM will help the School District get a bank to work with them. LINKD.
Watson says whatever bank offers the School District the lowest cost of funds and meets the parameters set forth in the resolution, that proposal will be brought back to Sturgis Superintendent Art Ebert. The parameters are to have a minimum net present value savings of 2 percent, and a true interest cost not to exceed 3 percent.
By a unanimous vote, the Board of Education approved the resolution to start the process and give Ebert the ability to sign the given documents.
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