DEXTER – The Board of Education of the Dexter Community Schools (the “School District”) is proud to announce the successful sale of its 2025 School Building and Site Bonds (the “Bonds”), representing the first series of bonds issued under the May 6, 2025 voter authorization.
The Bonds will generate nearly $66.7 million of proceeds for the purpose of building and improving schools and facilities, including additions, secure entryways, classrooms, arts and athletic spaces, an indoor athletic facility, and a maintenance building; updating playgrounds, fields, and other sites; purchasing buses; installing technology and infrastructure; and covering bond issuance costs.
In preparing to sell the Bonds, the School District, working with its municipal advisor, Baker Tilly Municipal Advisors, LLC, requested that S&P Global Ratings (“S&P”) provide a credit rating for the Bonds. S&P assigned the bonds an “AA-” underlying rating based on the District’s conservative budgeting and maintenance of very healthy reserves in recent years. S&P also assigned the Bonds an “AA” rating based on the District’s participation in the Michigan School Bond Qualification and Loan Program (“MSBQLP”).
The School District’s financing was conducted by the Michigan investment banking office of the brokerage firm, Stifel, the municipal advising firm, Baker Tilly Municipal Advisors, LLC and the law firm serving as bond counsel, Miller, Canfield, Paddock and Stone, P.L.C. The Bonds were sold at a true interest rate of 4.38% with a final maturity of 2055 (a repayment term of approximately 30 years). The Bonds were purchased by a number of the most reputable and well-recognized investors from across the country, which included bond funds, money managers, trust companies, and individuals.
