Ypsilanti Community Schools completes $18.7M bond sale
The 10-year bond, sold by the Michigan Finance Authority for YCS, has a yield of 4.29 percent, according to the report. That's a 0.75 percentage point more than a similarly rated bond.
Detroit's bankruptcy filings have caused at least three municipalities in Michigan to halt their bond sales because of the concern that it will now be more expensive for municipalities to borrow money.
The Board of Education for the new district authorized officials July 25 to refinance the district's debt through a bond issue through the Municipal Finance Authority that would be paid back over 13 years. Officials were expecting an interest rate of 3 to 6 percent.
YCS declined to release a statement to AnnArbor.com pending the official announcement of the bond sale from the Michigan Department of Treasury. That official announcement has yet to be released.