Cole Academy (the “Academy”) received a charter from Central Michigan University and began its operation under the name “Michigan Early Elementary” in the 1995-96 school year offering grades K-3 to 15 students. The Academy expanded to grades K-4 in 1998-99 and enrolled 97 students, K-5 in 1999-00 and further expanded to grades K-6 in 2009-10. The Academy changed its name to “Cole Academy” effective April 24, 2003. The Academy has continued to experience growth in its student population and as of the Fall 2012-13 school year had an enrollment of 195 students in grades K-6. The Academy has historically retained more than 90% of its students. The mission of the Academy is to provide a challenging learning environment with high expectations for each child. The Academy’s students receive developmentally-appropriate instruction that allows for individual differences and learning styles in a safe, orderly, caring and supportive environment. The Academy’s graduates will be equipped with the necessary skills to excel in middle school, high school and college.
The proceeds of the Bonds were used for the following purposes: (i) to refinance the Academy’s Full Term Certificates of Participation, Series 2001, dated as of April 1, 2001 (the “Prior Obligations”); (ii) to fund a debt service reserve fund; and (iii) to pay certain costs associated with the issuance of the Bonds. The Proceeds of the Prior Obligations were used by the Academy to finance the acquisition, renovation, equipping and furnishing of the certain real property and the Academy’s Facility. The Academy offers grades K-6 on its seven-acre campus located at 1915 W. Mt. Hope, Lansing, Michigan (the “Facility”). The Facilities include an approximately 14,000 square foot building including 7 classrooms, a media room, multi-purpose/gymnasium, kitchen, conference room and offices.