$50.6 million in building and site bonds raised
By SUE SUCHYTA
Sunday Times Newspapers
TRENTON – The Trenton Board of Education announced June 14 that it successfully sold $50.6 million in school building and site bonds, as authorized May 8 by district voters.
The statement released by Supt. Rodney Wakeham and Business Manager Gail Farrell stated the money will be used to remodel school district buildings and classrooms, which includes classroom improvement, roof replacement, and mechanical and security improvement.
School district buildings will be furnished and equipped as needed, and site improvements and developments include better traffic flow at schools, and the addition of signage, fencing, sidewalks and parking lots where warranted.
Playgrounds and outdoor athletic facilities, as well as additions to existing school buildings, are on the list. The high school will get a new pool.
As classrooms and flexible learning spaces are built, cafeterias will be expanded and improved, and gyms and media centers will be improved.
As it re-equips school buildings, the district has musical instruments on its acquisition list.
The announcement also includes the district’s intention to build a new facilities and maintenance building.
Acquiring and installing technology infrastructure and equipment, with building security technology a priority, is highlighted, as is the acquisition and integration of technology equipment to direct impact student learning.
The announcement said that Standard and Poor’s gave the district an A-plus credit rating, reflecting a stable outlook.
The Stifle brokerage firm conducted the financing, with municipal advisers PFM Financial Advisors LLC, and the law firm Miller Canfield Paddock and Stone PLC serving as bond counsel.
The school district statement said the bonds, which mature in 30 years, or 2048, were sold at 4.06 percent true interest rate.
Stifel Managing Director Brodie Killian said Trenton Public Schools bonds were well-received by the bond market.
“We were able to take advantage of the current low interest rates that met the goals of the district,” Killian said.
(Sue Suchyta can be reached at [email protected])