Municipal bond financing offers a stable and reliable source of low cost funding for communities across our country as they work to improve their local infrastructure base and create jobs.
Today, more than ever before, our communities need a healthy and vibrant municipal bond market to help them grow and prosper.
On May 16th 2023, Berrien Springs Public Schools, Michigan issued tax-exempt General Obligation Bonds to provide funds for the purchase of replacing the high school roof and replacing the HVAC system at Mars Elementary School. Bernardi Securities, Inc. served as Underwriter on the transaction enabling a successful borrowing for the school district.
These Bonds were awarded to Bernardi Securities for being the bidder whose bid produced the lowest true interest cost. Bernardi is proud to support the Berrien Springs area and assist in value-add projects for their public schools.
The bonds were rated “A+” (Stable Outlook) by Standard and Poor’s. The School District has pledged the limited tax full faith and credit of the School District for the payment of principal and interest on the Bonds. The School District has further pledged to levy sufficient ad valorem taxes within its authorized millage rate annually as a first budget obligation, subordinate only to any first liens on said funds pledged for the payment of state aid notes, lines of credit or tax anticipation notes heretofore or hereafter issued.
Previously, the school district completed a project which included a performing arts auditorium, performance gymnasium, locker rooms, band and choir classrooms and is expected to attract families to the district.
To access the final official statement, please visit the link below: