Ovid-Elsie Area Schools
Board of Education
Monday, February 23, 2015 – 6:30 P.M.
Ovid-Elsie High School Community Room
Archives for February 2015
If you know anyone who did not complete high school due to entering the military, up through the Vietnam era, please have them contact Dr. Cunningham at Ovid-Elsie Area Schools. With the passing of recent board policies, Ovid-Elsie Area Schools will award an Ovid-Elsie diploma to any service person who did not complete high school due to the fact that they entered into military service. You may call directly at 989-834-2271 ext. 1120.
Elsie, Michigan – The Board of Education of Ovid-Elsie Area Schools is proud to announce the successful sale of its 2015 Refunding Bonds in the amount of $8,170,000. The Bonds will be used for the purpose of refunding a portion of the School District’s outstanding 2005 Refunding Bonds and to pay the costs of issuing the Bonds. The 2015 Refunding Bonds reduce the School District interest expense approximately $1,013,469 for the taxpayers and will occur through lower debt payments over the next 11 years.
In preparing to sell the 2015 Refunding Bonds, the School District, working with their financial advisor, Stauder, Barch & Associates, Inc., requested that Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. (“S&P”) evaluate the School District’s credit quality. S&P assigned the School District the underlying rating of “A+”. The rating agency cited the School District’s good incomes and strong wealth levels, very strong available fund balance and good management practices and policies in their rational for rating the School District at this level.
“Taking advantage of lower interest rates is just good business. Our Board of Education is very astute and works hard to ensure maximum savings to the District and community,” said Superintendent Dr. Ryan Cunningham. “We work hard to be fiscally responsible as an executive committee.”
The School District’s financing was conducted by the Michigan investment banking office of the brokerage firm, Stifel, the financial advising firm, Stauder, Barch & Associates, Inc., and the law firm serving as bond counsel, Thrun Law Firm, P.C. The School District’s 2015 Refunding Bonds were sold at a true interest rate of 1.93% with a final maturity of 2025 (a repayment term of approximately 11 years).
Brenda Voutyras, Managing Director with Stifel states, “Ovid-Elsie Area Schools Bonds were well received by the bond market. We were able to take advantage of historic low rates that resulted in a very nice savings for the District and its taxpayers.”
I have some terrific news to share with you: Ovid-Elsie Area Schools, on February 3rd, was named an Academic State Champion by Bridge Magazine. Only 69 districts in the state received this recognition.
To determine the winners, Bridge partnered with Public Sector Consultants, Inc.to develop a value-added ranking system which measures a school’s test scores adjusted for student family income, which is often a predictor of academic achievement. Essentially, Bridge’s Academic State Champions are being recognized for over-achievement, rather than achievement.
This recognition reaffirms our dedication to exceptional education, as well as the exceptional performance of our students, teachers and building administrators. I am immensely proud of our faculty, staff, and – most of all – our students. We are also very grateful to our parents and others in the community who support our students and schools.
I encourage you to explore the Academic State Champs coverage and statewide rankings database at bridgemi.com and to share this wonderful news with friends, family and others in the community. Bridge also offers opportunities for us to display this award every day – go to http://bridgemi.com/2015/01/academic-state-champs-bumper-sticker/ to order a free Academic State Champs bumper sticker.