The Board of Education of the Walled Lake Consolidated School District is proud to announce the successful sale of its $27,260,000 2004 School Building and Site Bonds. The Bonds are being issued for the purpose of erecting, furnishing and equipping an addition or additions to and partially remodeling, refurnishing and re-equipping the C.H. Smart Middle School and the Outdoor Education Center; partially remodeling, refurnishing and re-equipping the Western High School and Central High School; partially remodeling, refurnishing and re-equipping and acquiring and installing technology in all school facilities; constructing and equipping improvements to the Central and Western High School stadiums; acquiring buses; and developing and improving sites.

     In preparing to sell the 2004 Bonds, the School District requested that Moody's Investors Service ("Moody's") and Standard & Poor's Rating Services ("S&P") evaluate the School District's credit quality. The School District was assigned high Moody's and S&P ratings of "Aa3" and "AA-". The rating agencies cited strong financial management and budget controls, steadily increasing enrollment and a growing tax base in their rationale for rating the School District at these levels. The School District's financing was conducted by the Michigan investment banking office of the brokerage firm, A.G. Edwards & Sons, Inc., the financial advising firm, Stauder, BARCH & ASSOCIATES, Inc. and the law firm serving as bond counsel, Thrun Law Firm, P.C.

     The School District's 2004 School Building and Site Bonds, with a final maturity of 2024 (a repayment term of approximately 20 years), were sold at a true interest rate of 4.62%. Given today's lower interest rate environment and the School Districts' strong credit rating, the interest expense on the 2004 Bonds was significantly reduced from original projections thus resulting in a lower overall cost to the taxpayers over the life of the Bonds. Brenda L. Palmer, Vice President of A.G. Edwards states, "Walled Lake Consolidated School District's Bonds were well timed in the municipal market to take advantage of current low interest rates."

Voters approve new High School

     In September, 2000, voters overwhelmingly approved a proposal to build a third High School in the Walled Lake School district. In December, 2000, the Board of Education unanimously agreed on the name, Walled Lake Northern High School. Construction began in October, 2000, on approximately 83 acres near Bogie Lake and Cooley Lake Roads. The cost for the new school is $69.2M and will open in the fall, 2002.

     In September, 2000, voters again overwhelmingly approved two bond issues to build a new comprehensive high school (scheduled to open in August, 2002), make improvements to Western High School, provide heating and cooling upgrades, including air conditioning at ten elementaries, Clifford Smart Middle School, and the Community Education Center, and to establish a land acquisition fund for future needs. It is hoped that all projects will be completed within two years.

     In 1996, voters in the Walled Lake Schools community approved a bond issue to provide new and improved facilities for our students. Projects now complete include:

 Meadowbrook Elementary - started December, 1996 - completed November, 1997. (Meadowbrook & 13 Mile Roads)

Two new middle schools - Dr. Sarah Banks Middle School in Wixom and Walnut Creek Middle School in West Bloomfield - started February, 1997 - completed August, 1998.

Rebuild Central High School - Phase I completed August, 1999; Phase II completed August, 2000.

Improvements to Clifford Smart Middle School - started July, 1998 - completed October, 2000.

Improve and expand Western High School - started June, 1998 - completed August, 1999.

Elementary improvements, including new multipurpose rooms at Commerce, Dublin, Glengary, Guest, Twin Beach, Walled Lake and Wixom - started December, 1998 - completed December, 1999.

Community Education Center - started February, 2000 - completed November, 2000.

Communities we serve

Commerce Township
Farmington Hills
Novi
Orchard Lake
Walled Lake
West Bloomfield Township
White Lake Township
Wixom
Wolverine Lake Village