The Board of Education for Port Huron Schools has announced the sale of the 2019 Refunding Bonds in the amount of $17,460,000. The bonds are being issued for the purpose of advance refunding a portion of the School District’s outstanding 2011 School Building and Site and Refunding Bonds and to pay the costs of issuing the bonds. The 2019 Refunding Bonds reduce the School District’s debt service payments by a total of $2,027,513 over the next 12 years. The School District’s 2019 Refunding Bonds were sold at a true interest rate of 2.43% with a final maturity of 2031 (a repayment term of approximately 12 years).The School District’s financing was conducted, in part, by the Michigan investment banking office of the brokerage firm, Stifel. Brodie Killian, Managing Director with Stifel said, “The Port Huron Area School District’s Bonds were well received by the bond market. Adding that they “were able to take advantage of current low interest rates that met the goals of the District and resulted in a significant savings.” Superintendent of Port Huron Schools Jamie Cain said that the “savings resulting from the refinancing creates opportunities for Port Huron Schools to consider future financing of anticipated facility needs with little or no impact to the taxpayers.”
Reporting for WGRT, Karly Hurley
