Exciting School District News: 2017 Refunding BondsTop of Page
The Cedar Springs Public Schools Board of Education is committed to providing an excellent education for every child in the district. The Board of Education is committed to high expectations for excellence in all we do as a district. We hold ourselves and all others accountable and expect every person to work with integrity in all positions. To that end, this Board of Education is providing transparency in all they do. This Board is proud of the impressive forward motion of the school district and a list of many accomplishments by the outstanding staff and students of Cedar Springs.
An example of a recent accomplishment that will serve our district and community well is the 2017 refunding of Bonds. The Superintendent, Board of Education, Director of Business and Finance, CSPS Accountant, financial advisers to the District, banks and legal counsel are working through a lengthy process to make the bond refunding possible. A summary of the bond refunding process is illustrated as follows:
December 12, 2016: Board of Education adopted a delegating resolution at a regular board meeting. This authorized the Superintendent to accept and execute a Bond Purchase Agreement with the Underwriter.
January 12, 2017: Due Diligence Conference call with all parties to review POS
January 26, 2017: Conference call with the rating agency
February 7, 2017: Pricing of bonds (subject to market conditions)
February 8, 2017: Execution of the bond purchase agreement
February 27 or March 13: Board of Education adopts a “ratification resolution” at a regular board meeting. This is an additional, but not mandatory step, to add a greater depth of transparency and support to the process. Signatures from the Superintendent, Board President and Board Secretary are required to adopt the resolution.
March 16, 2017: Bond Closing
This Board of Education and District Leadership Team are excited to be working through this long and involved process to save our taxpayers over 1.1 million dollars over the next several years!
Please feel free to contact Dr. Laura VanDuyn, Superintendent of Schools, at 696-1204, should you have questions about this exciting news.