Welcome to the Haslett Public Schools Bond/Sinking Fund Update - 2018-19
New Bus Purchase
The district received the first of its five busses to be purchsed from the 2018 Bond Issue. We are scheduled to purchase two more in 2019 and 2020. These purchses will help replace older less fuel efficient busses in our current fleet.
The district received proceeds from the bond sale on October 23, 2018 in the amount of $32,695,977.65. These funds have been transferred to our Investment Advisor for purchase of investments. By law, schools districts are only allowed to purchase low risk investments such as government bonds, bills or notes that are fully backed by the United State Treasury. District's can also purchase Comerical Paper from companies that are rated P1 or P2 or fully insured Certificates of Deposit. The district is estimated to earn $1.2 million dollars in interest over the next three years. Attahced is a copy of our current Investment Portfolio.
Resolution to Accept Bond Pricing
The Board of Education passed a resolution at their October 8, 2018 regular meeting accepting the Bond Pricing reached by the district’s underwriter (Stifel Nicolaus) on October 3, 2018. The final closing for the sale of the bonds will take place on October 23, 2018. The district will receive the net proceeds from the sale on closing day. See attached official statment. HPS Official Statement
Construction Manager/Architect Contracts
The Board of Education approved the Construction Manager and Architect contracts at their September 24, 2018 regular meeting. Clark Construction Company has been selected as the Construction Manager, and TMP Architecture Inc. has been selected as the Architect. Both firms have long a history of working on prior bond projects with Haslett Public Schools (30+ years). Clark Construction Company and TMP Architecture were district partners on the recently completed renovation project of the Performing Arts Center at Haslett High School.
The district has chosen the firm of Public Financial Management (PFM) to manage the investment of bond proceeds. PFM is also the district’s Municipal Advisor for the preparation and sale of the bonds and has had a long history with Haslett Public Schools on other financial advisement issues.