COLDWATER, MI (WTVB) – The Coldwater Community Schools Board of Education approved a bid from J.P. Morgan of $25,695,000 Tuesday night for the general obligation bonds which will be used by the district in part to build a new fourth and fifth grade building which would replace Lakeland Elementary School.
J.P. Morgan had one of nine bids that were opened Tuesday in what Superintendent Terry Boguth said was a very competitive bond sale.
The winning bid on the bond was almost $4 million less than the amount in the millage and bonding question which was approved by district voters in November.
Boguth said this means the estimated debt service for district taxpayers will be $6 1/2 million less than originally announced.
She also said the estimated millage will be less. It will be 1.48 mills instead of 1.7 mills.
The new 4th and 5th grade building will be built on Western Avenue in Coldwater where the little league diamonds are currently located. The funds from the bonding and millage proposal will also be used for building improvements throughout the district and to purchase new buses.
