Plymouth-Canton School Board Authorizes Issuance of First Bond Series

Now that Election Day is over and the bond has passed, Plymouth-Canton Community Schools will seek to issue its first series of bonds for a higher amount than originally planned. 

School Board officials approved a resolution Tuesday, authorizing the issuance of bonds, not to exceed the amount of $80 million -- almost $20 million more than originally planned for the first bond series. 

In previous information distributed by the district, the first bond series, in the amount of $60.8 million, would be used to pay for the new middle school, all technology infrastructure, a little more than half the classroom technology and a small portion of buses. The second series, estimated to be sold in early 2016, was meant to be in the amount of $53.5 million.

"(The number) is higher than what we were originally talking during our early discussions about the size of series one because we are now at a point where we have taxable value stating to come in," said Brodie Killian, PCCS Executive Director for Business Services. "We’re also at a point where our financial adviser is feeling better about interest rates, because we’re actually going to be in the market as early as the first week in June, that we have the ability to increase the size of this issue."

Killian said that putting in the higher number is preventative instead of going back to the board to get approval for an increase if things change in the market. According to Killian, it's very likely the district won't be able to go up to as high as $80 million.

"So out of preparation for that and just being conservative, that’s why you see it printed at $80 million," Kilian said. "But we are positive right now we will be able to upsize the amount of series one, to what extent not sure. Based upon taxable values coming in, they appear to be positive all around. And we’re getting closer to the interest rates staying pretty steady here."