FOR IMMEDIATE RELEASE
Woodhaven, MI — At its regular meeting on Tuesday, February 10, 2026, the Woodhaven-Brownstown School District Board of Education formally approved the sale of the District’s 2026 Refunding Bonds, a financial action that will result in more than $6 million in total debt service savings for local taxpayers over the life of the bonds.
The 2026 Refunding Bonds refinance a portion of the District’s previously issued 2016 School Building and Site and Refunding Bonds. By taking advantage of favorable market conditions and strong investor interest, the District was able to significantly reduce borrowing costs without extending the repayment timeline or increasing the tax burden on residents.
As part of the bond sale process, the District’s financial position and management practices were reviewed by S&P Global Ratings. The District received a strong A+ bond rating, reflecting sound fiscal stewardship and prudent financial management. In addition, the bonds received an AA rating through participation in the Michigan School Bond Qualification and Loan Program.
Competition for the bonds was robust, with 17 bids submitted by national and regional financial institutions. Fifth Third Securities, Inc. was selected as the winning bidder after submitting the lowest True Interest Cost (TIC) of 2.815252 percent, well below the 5.00 percent interest rate on the refunded bonds. The refinancing achieved yields ranging from approximately 2.31 percent to 3.15 percent, resulting in gross debt service savings of approximately $6.03 million.
“This bond refinancing is an example of responsible financial management and strategic planning,” said Superintendent Mark Greathead. “By closely monitoring the market and acting at the right time, we are able to reduce costs for taxpayers while preserving resources for classrooms, programs, and future facility needs.”
The savings generated through this refinancing provide the District with additional flexibility for long-term capital planning and help ensure that previously voter-approved bond investments continue to be managed efficiently and transparently.
For additional information regarding the 2026 Refunding Bonds or the District’s long-term financial planning, community members are encouraged to visit the District’s website or contact the Superintendent’s Office.