Charter Schools

In this month’s edition, we had the privilege of speaking with Reverend Marty McCarthy, the founder and chairman of the board for Bonnie Cone Leadership Academy, located in Huntersville, North Carolina, and Mrs. Kayla Cruthers, Head of School at Ivywood Classical Academy located in Plymouth, Michigan. Our conversation centered around pivotal themes in classical education, with the goal to help readers understand the classical school movement, and its growing appeal for parents and students nationwide.

River City Science Academy (RCSA) is a model of excellence in STEM education, with a mission to bring out the best in every student in a nurturing and diverse environment. As part of our commitment to advancing the charter school movement, we had the opportunity to sit down with Dr. Dogan Tozoglu, RCSA’s executive director, and take a closer look at the core principles and practices that make RCSA’s STEM program so special. As a school that represents excellence in STEM education in the state of Florida, RCSA is leading the way in advancing STEM education in the state.

The rapid rise in interest rates, combined with healthy reserves coming out of COVID, may provide an opportunity for charter schools to purchase their own outstanding debt and invest in themselves if they have public fixed rate bonds outstanding. Due to lower bond valuations and the liquidity needs of funds/investors, these bonds may be potentially purchased at a discount to their face values. This could present an opportunity for charter schools to reduce outstanding debt and annual debt service, enhance financial stability, and achieve greater refunding savings and more flexible terms.

In response to the challenges schools across the country faced during the COVID 19 pandemic, Congress provided additional federal funding to K-12 schools through the Elementary and Secondary School Emergency Relief Fund (ESSER).  Funded in three tranches through the CARES Act, CRRSA Act, and ARP Act, ESSER funds presented both opportunities and challenges for our clients. To understand how charter schools are navigating the intricacies of ESSER, we recently met with Steve Robinson, the Chief Business Officer of Literacy First Charter Schools (LFCS).

At Ziegler’s Charter School Investor Workshop, investors were surprised when they examined the latest national test results that showed a decline in the standard of educational achievement. The pandemic had devastatingly impacted student learning. Recent data from the National Assessment of Educational Progress (NAEP) indicated a significant learning loss, underscoring the need for immediate and effective interventions.

Highland Prep West (“HPW”) is a new STEM High School, that welcomed its first freshman class in the fall of 2022. Situated on 10 acres in Avondale, Arizona, HPW’s new campus was financed from municipal bonds issued through the Maricopa County IDA, and underwritten by Ziegler.

Maranatha Christian Academy proudly opened its new campus for the 2022-23 school year. Situated on 28 acres, the new improvements include a 75,200 square foot education building and new athletic fields.

GREEN Charter Schools launched its first STEM high school in the South Carolina Upstate region. The new 80,000 square foot school will feature curriculum focused on renewable energy, sustainability and conservation efforts.

Ziegler is pleased to announce the successful closing of the $13,615,000 Series 2021 A&B Revenue Bonds for Granada Hills Charter School in Los Angeles, California. Bond proceeds will primarily refinance existing debt and fund improvements to the school’s Devonshire campus.

Granada Hills Charter (GHC) currently holds a charter for and operates a charter high school serving approximately 5,462 students in Los Angeles, California. Granada Hills Charter’s student population has over 66 nationalities represented and approximately 45 languages other than English spoken at home. The original Granada Hills High School was built by the Los Angeles Unified School District and opened in 1960 in Los Angeles, California.