March 7, 2023

FOR IMMEDIATE RELEASE : Wayne-Westland Community Schools 2023 School Building And Site Bonds

Weekly Letter to Students, Parents and Staff

Westland, Michigan - The Board of Education of Wayne-Westland Community Schools is proud to announce the successful sale of its 2023 School Building and Site Bonds (the Bonds) in the amount of $36,760,000 as authorized by the voters of the School District in November of 2018. The Bonds represent the third and final series of bonds pursuant to such voter authorization. The Bonds will be used for the purpose of remodeling, equipping, re-equipping, furnishing, re-furnishing school buildings, athletic fields and other facilities; acquiring and installing instructional technology equipment and infrastructure in school buildings and other facilities; construction of additions to existing school buildings and athletic field houses at both high school sites; preparing, developing and improving sites at school buildings, playgrounds, athletic fields and other facilities and the purchase of school buses, and paying the costs of issuing the Bonds.

In preparing to sell the Bonds, the district, working with its municipal advisor, Baker Tilly Municipal Advisors, LLC, requested that S&P Global Ratings, a business unit of Standard and Poor’s Financial Services LLC (S&P) evaluates the School District’s credit quality. S&P assigned the School District the underlying rating of “A” with a stable outlook. The rating agency cited the School District’s large and mostly developed tax base with residential incomes considered adequate; consistent surpluses, resulting in reserves above 20% and moderate debt levels in their rationale for rating the School District at this level. S&P also assigned the Bonds an enhanced long-term rating of “AA” due to the district’s participation in the Michigan School Bond Qualification and Loan Program.

Dr. John Dignan, Superintendent of Wayne-Westland Community Schools, said, "We are committed to being good financial stewards of the Bonds entrusted to us by our voters. This fiscal responsibility and the school improvements that will be completed due to the bond will benefit the District and our entire
community."

The School District’s financing was conducted by the Michigan investment banking office of the brokerage firm, Stifel, the municipal advising firm, Baker Tilly Municipal Advisors, LLC, and the law firm serving as bond counsel, Miller, Canfield, Paddock and Stone, P.L.C. The School District’s Bonds were sold at a true interest rate of 4.45% with a final maturity of 2046 (a repayment term of approximately 24 years).


Brodie Killian, Managing Director with Stifel states, “Wayne-Westland Community Schools’ bond sale was met with strong investor demand. We saw a wide cross-section of investors participate. The District was able to lock in a cost of funds that met its long-term capital financing goals.”

For further information contact Dr. John Dignan, Superintendent of Schools, or Ms. Chanda Cleaves, Assistant Superintendent of Business, Finances and Operations at (734) 419-2000.

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Media Contact:
Jenny Johnson
johnsonje@wwcsd.net

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