Brighton School Board Approves Bond Resolutions
February 28, 2020
By Tom Tolen/News@whmi.com
At its meeting Monday night, the Brighton Board of Education approved two bonding resolutions - one, which will refinance the $48 million balance it owes to the Michigan School Loan Revolving Fund - and the other, authorizing the issuance of $59 million in bonds to implement the bond issue passed by voters last November.
Assistant Superintendent for Business and Finance Michael Engelter says the district wants to take advantage of the excellent interest rates right now to refinance its outstanding debt — with interest on school bonds now hovering around the 2% mark. Engelter says the bond sale on the $59 million bond issue will likely take place in May, and he expects an excellent interest rate which could save the district hundreds of thousands of dollars.
There’s more good news….Engelter says the Brighton Area Schools’ bond rating has improved by two points, to A-3, over the previous “B-double-A-2”. He says that this, combined with the lower interest rates, bodes well for Brighton when the bond sale comes around. Among improvements to be made to district schools are a new STEAM, or Science, Technology, Engineering, Arts and Math building at the high school, plus STEAM classroom renovations throughout district schools, a new multi-purpose facility, parking lot and roof replacements, new HVAC units at the high school and many other upgrades.