STURGIS – The Sturgis Board of Education took a step Monday to refund some outstanding bonds.
During the Sturgis Showcase, Nathan Watson of PFM presented to the Board a plan to refund $5.7 million in bonds that the School District has on their books with the State of Michigan's School Board Revolving Fund.
If the District is able to refund the money, Watson says they will continue to levy the same millage amount the currently do at 7 percent until the State is repaid in 2029. The savings will be immediate, but not passed on to the community until the millage is rolled back.
Watson says PFM will send out requests for proposals to between 50 and 60 banks. They will ask for the bids to come due on September 4 and then PFM will tabulate those bids.
Watson says whatever bank offers the School District the lowest cost of funds and meets the parameters set forth in the resolution, will be brought back to Sturgis Superintendent Art Ebert. The parameters are to have a minimum net present value savings of 2 percent, and a true interest cost not to exceed 3 percent.
By a unanimous vote, the Board of Education approved the resolution to start the process and give Ebert the ability to sign the given documents.
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