Holly Area Schools Announces Bond Sale for New Middle School

The bond sale is expected to generate $70 million for constructing and furnishing the new middle school, construction trades center at the high school, and athletic fields.

0
977

Holly, MI — June 29, 2022

Holly Area Schools announced the sale of the first series of bonds approved by voters in May that will fund the construction of the new Holly Middle School, a construction trades center at Holly High School, athletic fields, and more.

The school district recently received an “A” Standard & Poor’s Global Rating, which signals continued fiscal strength so the district can continue to prepare all Bronchos for the jobs of tomorrow.

“Thanks to the support and generosity of our community, these bonds will help us continue to provide state-of-the-art instructional facilities and programs that help all Bronchos achieve and succeed, regardless of their career path,” said Scott Roper, Holly Area Schools superintendent. “The sale of these bonds and our latest stellar Standard & Poor’s rating demonstrate our continued fiscal responsibility and accountability to our community and commitment to preparing all Bronchos for bright futures.”

Photo Courtesy of Holly Area Schools / Credit: Terry L Connell

Sale of the 2022 School Building and Site Bonds follows voter approval on the May ballot. The bond sale is expected to generate $70 million for constructing and furnishing the new middle school, construction trades center at the high school, and athletic fields. It also will allow for the installation of new technology and instructional technology equipment, remodeling and improving the safety of playground equipment, and upgrading existing district facilities.

The new middle school at the Karl Richter Campus will have increased classroom space, a career lab, enhanced fine arts and athletic facilities, and improved ventilation. The anticipated project completion is Fall 2025.

Standard & Poor’s “A” Rating

In preparing for the bond sale, Holly Area Schools earned an “A” rating with a positive outlook from Standard & Poor’s following an evaluation of the district’s finances. The rating agency credited the district for its financial reserves, which it said were the result of good budgeting practices and a stable local economy. Standard & Poor’s noted the district enjoyed steady growth in its tax base, limited taxpayer concentration, and above-average incomes.

“Holly Area Schools’ bond sale was met with solid execution,” said Brodie Killian, managing director at Stifel, the district’s brokerage firm. “We saw a wide cross-section of investors participate. The district was able to lock in a cost of funds which met their long-term capital financing goals.”