FINANCIAL_SERVICESAPPROVED

Monroe Public Schools Resolution Authorizing Issuance of Notes in Anticipation of State School Aid 2026-06-23

Monroe Schools Approves $9M State Aid Notes Sale

Not to exceed $9,000,000 principal; purchase price not less than 97% of principal amount; Issuer also pays pro rata share of Costs of IssuanceJefferson Schools (Monroe)MICHIGAN FINANCE AUTHORITYJune 23, 2026

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Description

Monroe Public Schools approved the issuance and sale of up to $9,000,000 in State School Aid Notes to the Michigan Finance Authority under the August 2026 MFA SAN Loan Program to finance 2026-2027 operating expenses. The notes will be secured by pledged state school aid and sold at a minimum of 97% of par, with maturities between April and August 2027.

Contract Details

Contract Amount

Not to exceed $9,000,000 principal; purchase price not less than 97% of principal amount; Issuer also pays pro rata share of Costs of Issuance

Vendor

MICHIGAN FINANCE AUTHORITY

Agency

Jefferson Schools (Monroe), MI

Contract Type

FINANCIAL_SERVICES

Document Date

June 23, 2026

Contract Term

Notes dated August 20, 2026, maturing on April 20, 2027, July 20, 2027, and/or August 20, 2027, or such other maturity date(s) as determined by an Authorized Officer

Renewal Date

2027-08-20

Renewal Info

Single borrowing under the August 2026 MFA SAN Loan Program; notes will mature no later than August 20, 2027 and are not structured as renewable obligations. District reserves right to issue additional subordinate obligations pledging State Aid subject to Authority consent and subordination requirements.