Star International Academy’s (the “Academy”) Series 2020 Bonds were issued to: (i) currently refund the Academy’s Public School Academy Refunding Bonds, Series 2012 (the “Prior Bonds”), issued in the original aggregate principal amount of $14,590,000, dated September 6, 2012; (ii) fund a deposit to a debt service reserve fund; and (iii) pay certain costs of issuance of the Series 2020 Bonds. The proceeds of the Prior Bonds were used by the Academy to refund prior obligations of the Academy issued to finance the acquisition, construction, equipping, and furnishing of educational facilities located in City of Dearborn Heights, Michigan (the “Dearborn Heights Facilities”), which currently serve the Academy’s pre-k, elementary, middle school, and high school classes. The refinancing resulting in a Net Present Value saving of $759,000.
The Academy received its first charter from Oakland University and began its operation Fall of 1998 offering grades K-6 to 347 students. In the Academy’s second year of operation, it enrolled 394 students in grades K-7. In 2000-01 the enrollment was 421 students in grades K-8. In 2002-03 the enrollment grew to 507 students in grades K-9. In the 2003-04 school year, the Academy offered grades K-12 and enrollment was at 1,020 students. The Academy expanded its program by adding Pre-K in the 2009-10 school year. The Academy enrolled 1,642 students in the 2015-16 school year, 1,548 students in the 2016-17 school year, 1,577 students in the 2017-18 school year, 1610 students in the 2018-19 school year, and 1,679 students in the 2019-20 school year. The Academy plans to open a new PreK-8 facility in Canton, Michigan in August 2020 which will operate under the Charter. The mission of the Academy is to provide its students with quality education that focuses on the Michigan core curriculum and international cultures, including the study of a language, culture, and history different from one’s own.
In 2018, The Academy changed its authorizing body and now operates under a charter contract (the “Charter”) issued by the Bay Mills Community College Board of Regents (“BMCC” or “Authorizing Body”). The Authorizing Body oversees and monitors the Academy’s Board of Directors in their compliance with all applicable State and federal laws pertaining to public school academies. The Academy’s current Charter was authorized on April 27, 2018, for an eight (8) year term which is scheduled to expire on June 30, 2026.
The Academy currently operates from two buildings located on adjacent sites in the City of Dearborn Heights, Michigan (the “Dearborn Heights Facilities”). The two sites are on a total of 13.3 acres. The elementary building which houses grades Pre-K through 2 is an approximately 36,000 square-foot two-story building with 18 classrooms, The middle school and high school building houses grades 3 through 12 is an approximately 124,000 square-foot two-story building with 49 classrooms. The site also features a 4.5 acre five sport athletic field with the latest in artificial turf technology as well as training facilities, full service concessions, locker rooms and fully networked press box. The Facilities have the capacity for up to 1,850 students.
In addition to the Dearborn Heights Facilities, the Academy recently purchased an approximately 30,000 square-foot one-story facility located on 12 acres of land in Canton, Michigan (the “Canton Facility”). The Canton Facility currently contains 22 classrooms. The Academy intends to open the Canton Facility as a second Academy site in the Fall of 2020 to house grades Pre-k through 8.