Completion of Hazel Park School District’s $25.5 Million Bond Sale Results in Taxpayer Savings

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The outcome of the bond sale is a reduced average rate of interest and $1.4 million in savings for the Hazel Park School District taxpayers

TROY, Mich.--(BUSINESS WIRE)-- The School District of the City of Hazel Park in Oakland County, MI has completed a $25.5 million tax exempt municipal bond sale. Proceeds will be used to refund a large portion of the District’s 2002 School Building and site bonds and to pay associated costs of the issuance on the bonds.

The finance team was led by Stifel Nicolaus & Company, Citigroup Global Markets, Inc. and Leonard Capital Markets, a division of Leonard & Company, Michigan’s largest independent, full service brokerage firm. Stauder, Barch & Associates, Inc. served as the Financial Advisor and Jim Crowley of Clark Hill in Birmingham, MI served as bond counsel.

The average interest rate on the refunded bonds was 5.0 percent. The average rate on the new bonds is 3.81 percent. As a result of this refinancing, the net present value savings to the taxpayers of the City of Hazel Park is $1,425,229.

“We are grateful for the efforts of our financing team. The District was able to move quickly to benefit from lower interest rates, saving our taxpayers over $1.4 million,” said Dr. Victor Mayo, Superintendent of Hazel Park Schools.

“Dr. Mayo, his administration and the entire school board should be commended for approving this opportunity to save the taxpayers money. The entire team worked very diligently to make sure the bond sale went smoothly and that the savings potential was maximized,” said Jack Brusewitz, senior managing director at Leonard Capital Markets.

Founded in 1989, Leonard & Company is a federally registered securities broker-dealer, an SEC Registered Investment Advisor and a member of FINRA and SIPC. Headquartered in Troy, MI., Leonard & Company (www.leonardandcompany.com) is a regional investment firm providing full service brokerage services, with offices across Michigan and in Florida, and New York.