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Mason Public Schools sells bonds at favorable interest rate to fund next phase of improvement plan

mason high school
Posted at 7:45 AM, Apr 16, 2021
and last updated 2021-04-16 07:45:35-04

MASON, Mich. — Mason Public Schools sold its Series II bonds to fund the next $19,200,00 phase of its Capital Improvement Project, which will, "consist of the renovation of Steele Elementary, bus replacement, and technology upgrades."

The buyer was KeyBanc Capital Markets with a True Interest Cost bid of 1.98 percent. The bond's principal and interest are significantly lower than what was estimated, meaning taxpayers will pay $10,000,000 less than anticipated.

This was made possible by Mason Public Schools' maintaining an A+ bond rating with Standard & Poors Global Ratings (S&P). In the 2018 sale of the Series I bonds, the True Interest Cost bid from KeyBanc Capital Markets was 3.37 percent.

“It is important for Mason Public Schools to continue to demonstrate strong fiscal management and maintain community trust," said Mason Superintendent Ronald Drzewicki. "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.”

A groundbreaking for the construction project will occur later this spring, and they will complete the project by August 2022.

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Hunter Gadwell

3:37 PM, May 23, 2022

Your Neighborhood Reporter

Hunter Gadwell