Bond refinancing saves Grand Blanc schools $2.6 million

GRAND BLANC — The Grand Blanc Community Schools Board of Education and administration is saving the district’s taxpayers more than $2 million in bond principal and interest.

April 6, district officials finalized the details for refinancing a portion of the 2013 bonds, which will result in an estimated total gross savings of $2.619 million, Superintendent Clarence Garner said.

“We are very pleased with the results,” he said.

Grand Blanc received a strong bond rating of A + from S&P Global Ratings, which particularly complimented the district on its financial and management practices, Garner said.

In addition, the district earned an AA rating for participating in the Michigan School Bond Qualification and Loan credit rating program.

Eight companies bid on the refinancing, and Robert W. Baird & Co. of Milwaukee was the low bidder, offering a 0.969223 percent interest rate.

“We had estimated, if we did refinance, we would save about $1.6 million,” Garner said, adding that the additional savings is “great news for our community.”