EAST LANSING, MI (WILX) -- The final series of bonds have been sold to finance the construction of elementary schools in East Lansing, according to the East Lansing School District.
The Board of Education said Marble Elementary School will be torn down this summer. A new building will be built on-site for an opening during the 2021-2022 school year.
Pinecrest and Whitehills Elementary Schools closed last summer and new schools will be built in those areas and will be open this fall.
In addition to building five elementary schools, the bonds will also be used to install technology, developing and improving playgrounds, playfields and parking areas as well as paying the cost of issuing the bonds.
"East Lansing Public Schools bonds received a great response from investors. The district has an excellent credit rating and a very recognizable name in the market. The bonds were sold at interest rates that were much lower than originally anticipated," said Jeffrey Zylstra, managing director with Stifel states.
An initial series of bonds were used to build Donley and Glencairn schools, which opened back in 2019.
The series two of the 2020 building and site bonds sold for $21,160,000 at a true interest rate of 2.66% with a repayment term of approximately 24 years, according to a statement from the school district.
“We are pleased with the outcome of the bond pricing for Series II. There has been a high level of community excitement around the progress of the new elementary buildings for our students, and we are proud to share this positive financial news with the community,” said Dori Leyko, superintendent of East Lansing schools.
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