Sturgis School Board Approves Loan Agreement
Tuesday, September 10, 2019

(STURGIS) – The Sturgis Board of Education took a step to help save the District some money.

During their meeting on Monday, the Board voted to enter into a $5.78 million loan through Southern Michigan Bank & Trust to refund the School Loan Revolving fund. This is for debt associated with the November 2000 voter approved bond.

Director Of Finance Ray Sterling shared with the Board that four bids were received, and the recommendation to go with Southern Michigan Bank & Trust was because they offered the lowest interest rate. Sterling says it is estimated the School District will save $486,409 in interest payments, which will favorably impact the millage rate during the 2028-29 school year.

In other business, the Board of Education approved the purchase of a 2020 Ford Transit 10 passenger van through the MiDeal bid program. The van will cost $29,510 and is part of the District's transition from SUV's to vans as part of the 10 Year Capital Improvement Plan.

The vans will supplement the District's bus fleet and will transport students to academic, fine arts, and athletic events.