Clarkston Community Schools and the Board of Education are pleased to report that the district has saved taxpayers $4,029,346. This savings results from the successful sale of approximately $54 million of refunding bonds to refinance outstanding bonds, originally issued in 2016 to finance school building and site improvements throughout the district. Seventeen different financial institutions purchased the new bonds at an average interest rate of 2.854% compared to the initial rate of 5%. The transaction also shortens the repayment term by four years, ending in 2025 versus 2029.
Superintendent Dr. Shawn Ryan stated, “I am thankful to our taxpayers for trusting us to make the best decisions for our students and staff. As good financial stewards, our duty is to be fiscally responsible and pursue any avenue to save money; this transaction is proof of our efforts. I am genuinely proud of our financial team here in Clarkston and appreciate their hard work.”
Earlier this year, Moody’s Investors Service assigned an A1 underlying rating and an Aa1 enhanced rating to Clarkston Community Schools. You can learn more by reviewing the full Moody’s release.
CCS was assisted in the bond sale by its financial advisor, PFM Financial Advisors LLC, its bond attorney, Thrun Law Firm, and Huntington Securities as Bond Underwriter
For more information, contact CCS Director of Marketing and Community Relations Kelly Allen at firstname.lastname@example.org or (248)623-5460.
About Clarkston Community Schools: Clarkston is a highly regarded school district with an enrollment of nearly 7,100 students. We have seven elementary schools (K-5), one middle school serving grades 6-7, one junior high for grades 8-9, and Clarkston High School, which serves students in grades 10-12. We also have a virtual academy, an Early Childhood Center serving children ages 3-5, and an alternative high school/community education facility. Clarkston Community Schools students are well-prepared for a future that excites them, and believe that they can achieve their dreams. The mission of Clarkston Community Schools is to create a learning environment where students, staff, and families are challenged, healthy, engaged, safe, and supported.
Read more Clarkston Community Schools News at www.clarkston.k12.mi.us/news.
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Media Contact: Kelly Allen, Director of Marketing and Community Relations (248) 623-5460.