Plymouth-Canton School Board Approves First-Series Bond Sale

Plymouth-Canton Community School Board members unanimously approved the sale of its first bond series for $65 million this week.

The bonds were sold last week, at an interest rate of 3.63 percent, according to Brodie Killian, Executive Director for Business Services. The bonds will mature in 2033, for a repayment term of 20 years.

"We were fortunate to enter the market at a very good time," Killian said. "Rates have actually gone up about .3 percent since we issued our debt. Sometimes it's better to be lucky than good. That would have to be our case.

Killian said that because rates and taxable values were better than what the district originally thought, they were able to raise $9.8 million more for the first-series. 

"So we were able to move up monies from series 2 to series 1 to help address some of the critical general facilities needs and add additional money for technology so we can move up our plan 1:1 digital transition as well as some other digital technology issues," he said.

School Board President John Barrett said the larger amount for series one gives "a bigger foot in the door with technology, making it more equitable across the district."

The remaining balance of the $114.4 million bond budget will be sold in the summer of 2016. 

For more details on the projects to be completed with Bond 2013, please see the Bond 2013 webpage.