Bond Issue Update. Board of Education Meeting June 5, 2014 Thomas Wiseman Assistant Superintendent Business & Operations

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1 Bond Issue Update Board of Education Meeting June 5, 2014 Thomas Wiseman Assistant Superintendent Business & Operations 1

2 2003 Bond History June 9, 2003 Waterford School District voters approved a $100 million bond issue Proceeds are to be used for: Defraying all or part of the cost of erecting, completing, remodeling, or equipping or re equipping school buildings, including classrooms, swimming pools, structures, athletic fields, or other facilities; furnishing or re furnishing new or remodeled school buildings; preparing, developing, or improving sites, for school buildings, including classrooms, swimming pools, structures, athletic fields, or other facilities; acquiring school busses, and acquiring, installing, equipping or re equipping school buildings for technology 2

3 2003 Bond History Bonds issued to date: 2003 Series I issued Summer 2004 for $20,000, Series II issued for Summer 2005 for $25,000,000 Items purchased and projects completed: Pool and Fitness Centers High School Construction Science labs Computer labs General classrooms Instrumental and vocal music room additions Windows New main entrance Parking lot Hallway renovations Roof replacement 3

4 2003 Bond History Items purchased and projects completed (cont.): Middle School Construction New entrances Auxiliary support space Computer labs Hallway renovations Roof replacement Elementary Construction Classroom remodeling Restroom remodeling Kitchen and gymnasium additions Hallway renovation Roof replacement Technology Busses Furniture replacement 4

5 Remaining Bonds Available Original Authorization $100,000,000 Bonds Issued to Date $ 45,000,000 Available Bonds to Issue $ 55,000,000 Remaining Bonds were not sold after summer of 2005 due to the significant reduction in housing values which resulted in a significant reduction in revenue to pay down existing debt. 5

6 Bond Sale Series III The District sold $20,000,000 in bonds on April 30, Results are as follows: Net Financial Institution Interest Rate Morgan Stanley & Co, LLC % * Stifel, Nicolaus & Co., Inc % Robert W. Baird & Co., Inc % Bank of America Merrill Lynch % * Bid Award

7 Bond Sale Timeline December 17, 2012 Board Study Session outlining feasibility of bond sale February 7, 2013 Board adopts resolution authorizing the increase in the debt millage rate to 7 mills for February 7, 2013 Board of Education considers bond authorizing resolution, and application for final qualification of bonds and considers resolution retaining bond counsel as required by Section 1352(c) of the School Code at regular meeting March 7, 2013 Board of Education adopts bond authorizing resolution, and application for final qualification of bonds and adopts resolution retaining bond counsel as required by Section 1352(c) of the School Code at regular meeting March 13, 2013 Application for final qualification of bonds is filed with the School Bond Loan Fund April 11, 2013 Receive final qualification of bonds from the School Bond Loan Fund April 16, 2013 Print and distribute Preliminary Official Statement and mail request for proposals April 30, 2013 Bond Sale Assistant Superintendent signs order awarding bonds to the lowest qualified bidder May 7, 2013 Print and distribute Final Official Statement May 21, 2013 Closing School District receives bond proceeds

8 2003 Bond Issue Series III Project Update Safety & Security Technology High School Athletic Site Development

9 Project Update Safety and Security Control entry points: o Create a secure entry with student access into school at beginning of the day o Secure the building throughout the day o Remote control access will allow entry into the building only through the main office during school hours Classroom door hardware replacement: o Ability to lock classroom door from inside while meeting applicable codes for exiting classroom 500 plus complete new locks 200 plus lock upgrades 102 interior doors 63 exterior doors 9

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12 Project Update Technology Projects: o Complete wireless infrastructure throughout the District (6 remaining buildings: Adams, Cooley, Haviland, Houghton, Schoolcraft, Stepanski) and the purchase of Aruba wireless hardware o Re wired to expand elementary & middle school computer labs to accommodate 30 PC s o Upgraded structured cabling for all buildings to support future technology needs o Purchased furniture for expanded elementary computer labs o 3D printers secondary tech labs o New Phone system (Fall 2014) o Classroom Technology (Fall 2014) 370 IPad Air 370 Apple TVs LED TVs Watt PC Speaker 12

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15 Enhanced Sound Portable Interaction 15

16 Project Update High School Athletic Site Development Athletic Complex at Waterford Mott and Waterford Kettering High Schools o o o o o o o o Replaced tracks Replaced bleachers Replaced athletic fields Replaced stadium lights Replaced scoreboard Replaced tennis courts New Restroom facilities Concession stand (Mott)

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34 Other Projects Roof Replacements Equipment & Furnishings o Bus replacement 6 oclassroom furniture omaintenance equipment omusical instruments o Boiler replacement

35 Classroom whiteboard (replace blackboards) o 180 boards at Durant, Kettering, Mott, Pierce, Mason Building Remodeling o Renovated classrooms o Renovated hallways o Sidewalk replacement o Renovated exterior fascia o Renovated restrooms 35

36 Bond Issue Update Financial Bond Issue Proceeds $20,000,000 Bond Issue Interest 71,705 Total Bond Issue Funds Available $20,071,705 36

37 Expenditures Through May 31, 2014 Site Development Athletic Complexes $9,652, Safety & Security $3,163, Technology $1,388, Equipment & Furnishing $1,013, Roofs $996, Remodeling $879, Bond Issue & District Oversight $250, Total Expenditures Through 5/31/14 $17,345,

38 Projects in Progress Funds Encumbered Site Development Athletic Complexes $4, Secured Entries (including Grayson) $239, Technology $1,378, Remodeling Mason $878, Total Funds Encumbered $2,500, Total Expenditures Spent or Encumbered $19,846, Remaining Funds Available $225, Projects out for bid: Riverside Roof Replacement Cooley Parking Lot Expansion 38

39 Next Steps 2003 Bond Issue $100,000,000 Series I Summer 2004 $20,000,000 Series II Summer 2005 $25,000,000 Series III Spring 2013 $20,000,000 $65,000,000 Bond Authorization Still Available $35,000,000 39

40 Good News! District has the ability to issue $20 million dollars of the $35 million dollars remaining in Bond Authorization late summer, early fall. Made possible by: Maintaining the current debt millage at 7 mills Realizing a increase of 1% in taxable value of property in District Through the numerous refinancing of the District s current debt

41 Administration will provide recommendations to the Board of Education as it pertains to capital projects that will be realized within this Bond and also the remaining issues.

42 Possible Projects Remodeling and rehabilitation of interior and exterior facilities Technology Parking lot improvements & expansion Heating and cooling upgrades New construction Purchase of buses Replacement of roofs Replacement of furniture Site development

Waterford School District 2003 Bond Update

Waterford School District 2003 Bond Update Presented by: Thomas W. Wiseman, C.P.A. Assistant Superintendent Business and Operations William Holbrook, C.P.A. Director of Business Services January 17, 2013