NEWS RELEASE: Roseville Community Schools' Bond Refinancing Saving Community Money

The Board of Education of Roseville Community Schools is proud to announce the successful sale of its 2021 Refunding Bonds in the amount of $58,915,000.  This bond refinancing will save the district’s taxpayers over $4,800,000 in interest over the next 13 years.

Roseville Community Schools refinanced its 2014 and 2015 Refunding Bonds to take advantage of the historically low municipal bond interest rates. The school district's 2021 bonds were sold at an interest rate of 1.80% with a final maturity of 2034, the same year the refinanced bonds were due to mature.

Brodie Killian, Managing Director with Stifel states, "Roseville Community Schools’ bonds were well received by the bond market.  The savings achieved exceeded our expectations.” Superintendent Mark Blaszkowski said that the RCS school board and administrators have consistently looked for ways to maximize funding by finding ways to save money.  “We will always look for the best ways to get the most out of the investments our residents make in our school community, including refinancing opportunities.”  

Rayetta Ashbaugh, Executive Director of Business and Finance, said that refunding the bonds was a great success.  “Working closely with PFM, Stifel, and Miller, Canfield, Paddock & Stone was trouble-free, and their hard work is appreciated.”  In preparation to sell the 2021 Bonds, the school district worked closely with the Michigan investment banking office of the brokerage firm, Stifel, the municipal advising firm, PFM Financial Advisors LLC, and the law firm serving as bond counsel, Miller, Canfield, Paddock and Stone, P.L.C. PFM requested that S&P Global Ratings evaluate the school district’s credit quality, and the rating of “A-“ with a stable outlook was assigned. The rating agency cited the school district's two consecutive audited surpluses, with an unaudited surplus expected in fiscal year 2021 and maintenance of a strong available fund balance in their rationale for rating of the school district at this level.

The savings achieved through the refinancing will help the district lower the amount it will need to levy for bond payments in the future. The savings cannot be used for operating or any other purposes.  “Roseville Community Schools would like to thank the residents for supporting our bonds for capital improvements.  These changes allow us to provide a state-of-the-art education for each and every student,” Blaszkowski added.

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