L’Anse Creuse Schools Bond Sale Saves $6.5 Million

CLINTON TOWNSHIP, Mich. – A recent L’Anse Creuse Public Schools bond sale will save taxpayers about $6.5 million over five years, according to district officials. Approximately $96 million of Refunding Bonds were sold to refinance outstanding bonds originally issued in 2006 as well as money School Bond Loan Fund.

The new bonds were refinanced at significantly lower interest rates, school officials said in a news release. Bonds were originally issued to finance school building and site improvements in the district. Officials said the process is similar to refinancing a home mortgage to reduce the annual payments.

“Our community’s support of the 2005 Bond led to many significant improvements at L’Anse Creuse including new buildings, infrastructure updates and technology enhancements,” said Superintendent Erik Edoff. “We are happy to take advantage of the lower interest rates to give back some of what the community has so generously given.”

The bond sale covered $4.795 million from the 2006 bonds issuance and $91.6 million from the School Bond Loan Fund. The school district was assisted in the bond sale by its financial advisor, Stauder, Barch & Associates of Ann Arbor and its bond attorney, Thrun Law Firm of Lansing.

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