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Board to travel to Chicago for bond rating presentation ahead of bond sale
Summary
Board president, superintendent and staff will travel to Chicago to meet analysts for a preliminary official statement and credit rating ahead of a planned bond sale; officials said the trip aims to secure favorable interest rates for taxpayers.
District officials told the board they will travel to Chicago later this month for a ratings presentation ahead of the planned sale of school bonds, a step they said is intended to secure favorable credit treatment and lower interest costs for taxpayers.
The board president and the superintendent will attend the meeting with bond counsel, the district’s investment advisors and the economic development director, Sarah Ross, to present district finances and capital plans to analysts. “We will be meeting with analysis and Analyst… For our to be able to sell our bonds, and that will be the board president, the superintendent, myself, our legal our bond counsel, legal counsel, and the investment… and our economic development director, Sarah Ross,” a district official said.
Officials said the ratings meeting will affect the interest rate the district pays on the bonds. Because of weather concerns, the trip will include an overnight stay. After the ratings presentation and sale, the district expects to receive funds and move forward with planning and project work tied to the bond proceeds.
Treasury staff also summarized December financials at the meeting, saying the district managed a tight month and reinvested one maturing certificate of deposit for $98,000 at 4.35% while maintaining some cash on hand until February tax revenues arrive. “We did reinvest 1 of that for 98,000 at 4.35, but, we do have, we do need a little bit of cash at the moment to carry those because this has a lean time of the year for us, until the February tax revenues come in,” the treasurer said.
No final bond sale or price was approved at the meeting; staff said the Chicago presentation and subsequent sale are the next steps before funds become available for the district’s capital program.
