Board authorizes $5.72M bond sale resolution and approves several finance items
May 21, 2026 | Cheboygan Area Schools, School Boards, Michigan
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At its May 18 meeting, the Cheboygan Area Schools board took several finance actions tied to bond proceeds and routine approvals.
The board voted to authorize the sale of the second series of 2024 bonds in the amount of $5,720,000, a measure administrators said follows a bond sale earlier that day that produced a lower than projected interest rate and slightly stronger taxable value growth for the district. Administration estimated the second sale would yield roughly $5.67–5.68 million net for district projects.
Trustees also acknowledged payment of regular and bond invoices totaling $258,331.93. The board adopted a regional COP ESD proposed budget in support of the cooperative's work and asked staff to request clearer line‑item detail from the regional center in future presentations.
On personnel compensation, the board approved increasing substitute custodian pay from 13.50 to 14.05 per hour after a committee recommendation noting substitute custodians had not had a raise in five years.
The annual food service contract was discussed but lacked a clear total amount in the packet; trustees voted to table the contract and asked staff to present the original 2024 contract and have the food service manager attend the finance committee or a special meeting to answer questions before final approval.
No petitions or bond‑related spending authorizations beyond the resolution were finalized at the meeting; staff will present specific contract recommendations and cost breakdowns at the upcoming special meeting where necessary.
The board voted to authorize the sale of the second series of 2024 bonds in the amount of $5,720,000, a measure administrators said follows a bond sale earlier that day that produced a lower than projected interest rate and slightly stronger taxable value growth for the district. Administration estimated the second sale would yield roughly $5.67–5.68 million net for district projects.
Trustees also acknowledged payment of regular and bond invoices totaling $258,331.93. The board adopted a regional COP ESD proposed budget in support of the cooperative's work and asked staff to request clearer line‑item detail from the regional center in future presentations.
On personnel compensation, the board approved increasing substitute custodian pay from 13.50 to 14.05 per hour after a committee recommendation noting substitute custodians had not had a raise in five years.
The annual food service contract was discussed but lacked a clear total amount in the packet; trustees voted to table the contract and asked staff to present the original 2024 contract and have the food service manager attend the finance committee or a special meeting to answer questions before final approval.
No petitions or bond‑related spending authorizations beyond the resolution were finalized at the meeting; staff will present specific contract recommendations and cost breakdowns at the upcoming special meeting where necessary.
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