Tag Archives: Bond

Kent County Issues Refunding Bonds, Projected Savings of $4.0 Million

3-bottom, City of Kentwood, City of Wyoming, , ,

Kent County is taking advantage of both its Triple A Bond Rating and favorable interest rates to refund two separate bonds originally sold in 2007 and 2008. By combining the two issues, the County will save an estimated $4.0 million in interest payments on a nominal basis.

 

In 2007, Kent County issued $27 million in Building Authority Bonds to acquire, construct, furnish, and equip the Human Services Complex on Franklin Street in Grand Rapids. The following year, the County issued $14.3 million in Capital Improvement Bond to make improvements at the Kent County Fuller Campus and to acquire land and construct a building for 63rd District Court on the East Beltline in Grand Rapids Township. Since the issuance of the two bonds, interest rates have significantly declined so that it now is opportune time to refund both bonds and take advantage of associated interest rate savings.

 

High bond ratings – similar to high credit scores when buying a house – can have an impact on the rate of interest charged. County Administrator/Controller Daryl Delabbio, who is retiring in June of this year, credits the hard work of his Fiscal Services staff for the savings. “The staff, led by Fiscal Services Director Steve Duarte, have kept the County’s credit rating strong over the years,” Delabbio said. “When people ask, ‘Why is a Triple A credit rating important,’ it’s great to be able to point to projects and issues like this and say, ’Here is one reason.’”

 

“Daryl and his staff have provided great leadership over the past two decades, setting a solid foundation for economic policies and fiscal responsibility,” said Board of Commissioners’ Chair Jim Saalfeld. “This Board is fortunate to have elected and appointed leaders that look for ways to deliver services in the most effective and efficient manner, saving our residents and businesses money in the long-term.”

 

In June rating agencies S&P Global and Moody’s Investors Service affirmed the long-term Triple-A credit ratings for Kent County, marking the 19th consecutive year of this distinction. Credit ratings from these agencies are important in allowing local units of government to borrow money at lower interest rates, reducing costs to the average tax payer.

Wyoming Public School District seeks public input on bond request

3-bottom, Citizen Journalism, , , ,

Would not raise property taxes, officials say

By Erin Albanese

School News Network

 

In eyeing the needs of the district and planning for the next 30 years, administrators are considering a November bond request that would not raise property taxes.

 

But first, they are seeking input from parents, teachers, students and community members concerning what facility improvements they would support –– and which ones they want most.

 

Parents and staff members were emailed links to fill out by the end of January, and a postcard with information about the online survey is being mailed to residents. The board could vote to approve ballot language in late spring.

 

Voters will be presented with a millage proposal that won’t result in an increase in taxes because existing debt will be expiring. The new millage request will be for the same number of mills or fewer than the mills saved from the expiring debt. A new levy would generate some dollars in 2018, with the balance to come in 2022, to fund upgrades and improvements at its aging facilities.

 

Because voters rejected two attempts to pass major bond requests in August and November 2013, the district is taking a long-term approach to the plan. If voters approved a request in November, the sale of bonds in spring 2018 would generate about $20 million. When existing debt expires in 2021 and 2022, the district could sell the remainder of the bonds to generate approximately another $45 million, said Matt Lewis, assistant superintendent of finance and administrative services.

 

The multi-series arrangement allows flexibility, Lewis said. “We can control the amount of the sale so we don’t raise taxes.”

 

That’s key, said Superintendent Tom Reeder, because “We said we would not return to the public if it would cost them any more in taxes.”

 

Reeder noted that a favorable market has made it possible to move ahead with a new request. “We said, ‘If the money is available without raising taxes next year, could we start the projects that much earlier?’ ”

 

The majority of bond funds generated in 2018 would most likely be invested at Wyoming High School, at 1350 Prairie Parkway. “It is the building with the most needs,” Reeder said. “We want the high school to be the flagship of the community.”

 

Some district needs have changed since the 2013 bond requests failed. The district moved forward with securing school entrances. A 10-year sinking fund levy passed in May — also with no tax increase — generates about $400,000 a year for maintenance such as roof and parking lot repairs.

 

The survey questions gauge community opinions on immediate and future needs in the district, which enrolls about 4,300 students. It asks for input concerning the following:

  • enhancing landscaping and elementary playgrounds
  • improving curb appeal of buildings
  • upgrades to the fine arts center located at the junior high
  • adding a new fine arts center on the high school campus
  • upgrades to outdoor athletic facilities
  • adding artificial turf at the high school stadium
  • upgrading indoor athletic facilities
  • updating labs to support science, engineering, technology and math
  • dedicated music and art space at the elementary schools
  • improvements to parking and traffic flow at schools
  • adding windows to allow for more natural light
  • technology
  • grade configuration at schools

In moving forward, the district will form a planning committee involving parents, staff and community members. Community forums will be scheduled.

 

Give your feedback here.

New Bond will help KPS Students Compete in a Global Economy

Area Education, Education, Our Cities, Politics, , ,

KPS School BusWhen voters initially voted down a $64.86 million bond proposal back in May (by only 353 votes), the Kentwood School District asked for feedback from the community and learned that voters did not understand all of the bond’s components. After clarifying the projects the bond would fund—building, security, and technology upgrades and improvements—the new bond was placed back on the November ballot and passed by a vote count of 3,125 to 2,108 on Nov. 3.

“Our community has considered this opportunity with a great deal of care and interest, and has responded in support of our students, families and the broader community as partners in supporting excellence in education,” said Michael Zoerhoff, Superintendent Kentwood Public Schools. “Kentwood has always been a district built on fiscal responsibility, demonstrating prudent management of public funds. We are committed to continue to exercise this same responsibility with the funds generated by this proposal.”

The district has about 8,800 students.

If you live in Kentwood and own a $100,000-dollar home, the bond will cost you about 72 cents per week (an increase from 3.5 mills to 4.25 mills). Here’s where your money will be spent to help students to compete in a global society:

Technology (25% of bond)Kentwood Public Schools Logo

  • New computers and devices to replace outdated technology.
  • Upgrades to the District’s network infrastructure and modernizations at each school location to support and serve more wireless technology.
  • Remodeled media centers with technology updates.
  • Flexible Collaboration Center spaces focusing on state-of-the-art technology and large group instruction throughout the District.

Safety and Security (27% of bond)

  • Updated building-wide communications systems.
  • Gradual replacement of aging school buses. The district currently has a fleet of 43 buses, but only 38 are operational.
  • Updated playgrounds to meet current safety standards.
  • Remodeled school entryways to provide a friendly lobby and limited access to students and classrooms.
  • Enhanced security measures in all schools, including remote-access cameras and ID monitoring.
  • Improved, safer pedestrian and vehicle traffic to and from the Kentwood facilities.
  • Upgrades to plumbing, mechanical, electrical and building systems to extend their useful life and improve operational efficiency.
  • Collaborative, multi-purpose learning centers to support 21st-century education practices.
  • Replacement of aged doors and windows to improve building efficiency.
  • Updated building finishes with new carpet, ceilings and furniture.
  • Improved and expanded parking lots and paved areas.
  • Renovated elementary school media centers, including new technology and furniture.

Operational Efficiency and Building Renovations (48% of bond)

  • Upgrades to plumbing, mechanical, electrical and building systems to extend their useful life and improve operational efficiency.
  • Replacement of aged doors and windows to improve building efficiency.
  • Updated building finishes with new carpet, ceilings and furniture.
  • Improved and expanded parking lots and paved areas.
  • Renovated elementary school media centers, including new technology and furniture.
  • Collaborative, multi-purpose learning centers to support 21st-century education practices.

“Kentwood School DistrictThe Kentwood Public Schools remains committed to providing an education of excellence to every child that we serve,” said Zoerhoff. “Each teacher and staff member at KPS seeks to partner with our families to ensure that positive relationships are developing within the school environment and that high expectations are reflected in the arts, athletics, and within each of our academic programs.”

Specific building project listings and renderings for each school are on display at on the KPS website.

More information can be found on the Facebook pages for Kentwood Public Schools and Kentwood Friends for Education.

Images courtesy of Kentwood Public Schools Facebook page

District Again Seeks Approval for $65 Million Security & Technology Bond

Area Education, Education, Hard News, Upcoming Events, , ,

Kentwood SchoolsBy: Erin Albanese – School News Network

Community member Jim Swoboda’s children had a great experience at Kentwood Public Schools. He said they benefited from the diversity of the student body and passionate teachers.

“Our kids got a great education here,” said Swoboda, whose children graduated from East Kentwood High School. He now chairs the Kentwood Friends of Education. “We want to make sure all the kids coming behind them have an equal or better opportunity than they did.”

So, Swoboda and other district parents and community are rallying to get word out on a $65 million bond request on the ballot Tuesday, Nov. 3. It is the district’s second attempt to pass the proposal to fund security, technology, new buses and facility upgrades.

After a similar proposal for the same amount narrowly failed in May with a vote of 4,407 to 4,055, parents rallied to try again. The district has also worked to better communicate details of the bond.

“We felt we owed it to those parents,” Superintendent Michael Zoerhoff said.

A community survey paid for by Kentwood Friends for Education showed support. “People overwhelmingly said, ‘put it back on,’ and that’s why we we’re back,” Swoboda said.

The survey sought to capture a cross-section of registered voters and parents to guide the district leadership’s decision to bring another bond proposal to the board, Zoerhoff said. It was mailed, emailed and posted on social media to solicit feedback from staff, parents and community members. More than 1,000 people responded.

Kentwood Public Schools BusThe proposal remains nearly the same as in May, although new athletic turf on the football and soccer fields has been removed from planned bond-funded projects.

The 30-year proposal would cost about 72 cents per week for the owner of a $100,000 home. The district recently refinanced existing debt, which reduced the 2014 millage to 3.5 mills. The proposed bond issue will raise the millage rate 0.75 mills to a total of 4.25 mills. This new rate is lower than the 4.6 mills that were levied in 2014.

If approved, bond projects would occur over the next 10 years. About 25 percent of bond funds are planned for technology; 27 percent toward safety and security and 48 percent toward improving operational efficiency, including building renovations.

A Breakdown of Projects

In the area of safety and security, bond projects would include:

•    Remodeled school entryways creating limited access to students and classrooms
•    Improved traffic-flow measures at buildings to create safer, more efficient environments for traveling to and from facilities
•    Updated building-wide communications systems
•    The gradual replacement of an aging school bus fleet
•    Playground upgrades to meet current safety guidelines

In the area of technology, projects would include:

•    New computers and devices, purchased gradually over 10 years, allowing the district to implement a long-term technology plan
•    Upgrades to network infrastructure and modernizations at each school location to support and serve more technology
•    Remodeling media centers into flexible “collaboration centers” throughout the district. The spaces would be outfitted for technology and used for large-group instruction

In the area of operational efficiency, including building renovations, projects would include:

•    Elementary media center renovations with new technology and furniture
•    Meadowlawn Elementary School renovations including the addition of a gymnasium to bring it up to the district-wide standard
•    A new secure community entrance for after-school and recreation programs (youth arts and athletics) at Valleywood Middle School
•    Locker room remodeling and upgrades at Pinewood and Valleywood middle schools for use by students and community.
•    Fine arts classrooms at East Kentwood High School would be renovated

Be sure to check out School News Network for more stories about our great students, schools, and faculty in West Michigan!