PINCKNEY COMMUNITY SCHOOLS
2016 REFUNDING BONDS, SERIES A AND SERIES B
Pinckney, Michigan - The Board of Education Pinckney Community Schools is proud to announce the successful sale of its 2016 Refunding Bonds, Series A in the amount of $30,085,000 and 2016 Refunding Bonds, Series B in the amount of $20,810,000. The 2016 Refunding Bonds, Series A were issued for the purpose of refunding a portion of the School District’s outstanding 2010 School Building and Site Bonds, Series C (Build America Bonds) and paying a portion of the costs of issuing the Bonds. The 2016 Refunding Bonds, Series A reduce the School District interest expense approximately $2,317,861 for the taxpayers by reducing debt payments over the next 20 years.
The 2016 Refunding Bonds, Series B Bonds were issued for the purpose of refunding outstanding indebtness of the School District to the State of Michigan under the State of Michigan School Bond Qualification and Loan Program and to pay a portion of the costs of issuing the Bonds. The Series B Bonds reduce the repayments to the State of Michigan by a total estimated amount of $2,121,943. The estimated reduction in repayments is based upon the current School Bond Loan Fund interest rate of 3.50%.
Pinckney Community SchoolsBonds were well received by the bond market. We were able to take advantage of current low interest rates that meet the goals of the District which resulted in a total of $4,439,804 savings for our taxpayers.
For further information contact:
Mr. Richard Todd, Superintendent of Schools
Ms. Linda L. Moskalik, C.P. A - Assistant Superintendent for Finance & Operations