CASE STUDY PARTNERED RIGHT Merritt Academy, (“Merritt” or the “Academy”), located in New Haven, MI (approximately 27 miles northeast of Detroit), is a Michigan charter school that began operations in September, 2002, enrolling 174 students and offering grades K-5. For the 2017-2018 school year, Merritt’s enrollment has increased to approximately 573 students enrolled in grades Pre-K through 12. The Academy has a strong academic program, and for the 2015-2016 school year was ranked in the 90th percentile of schools in the state of Michigan, making the Academy the top rated K-12 charter school in the state. STRUCTURED RIGHT Merritt engaged HJ Sims to refinance its Series 2004 and Series 2006 Certificates of Participation, which financed the acquisition and improvement o

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