GRAND RAPIDS, Mich. (GRPS) – Grand Rapids Public Schools has sold its 2026 Refunding Bonds at a lower interest rate, saving Grand Rapids taxpayers millions of dollars as the district remains committed to fiscal responsibility.
Funds received by the sale will be used to refinance the 2016 bond, reducing interest costs by approximately $9.17 million for Grand Rapids taxpayers.
“Our responsibility is to be careful stewards of the resources entrusted to us,” said Superintendent Dr. Leadriane Roby. “By refinancing this debt at a lower interest rate, we are saving taxpayers millions of dollars while continuing to invest in safe, modern learning environments for our scholars. I want to thank our finance team for their thoughtful financial planning that is directly benefiting our community.”
The bonds were issued at a fixed interest rate of 3.08% and will be fully paid off by 2039.
The financing was structured and coordinated by PFM Financial Advisors LLC, with Varnum LLP serving as bond counsel. Stifel, Nicolaus & Co. served as the senior managing underwriter for the 2026 Bonds.
