Janesville issues March bond notes; Moody's affirms Aa2 rating

The Janesville School District announced March 2025 debt issuances that district staff said will lower the net cost of borrowing while keeping projected tax impacts roughly in line with earlier modeling.

Mr. McCray, a district finance staff member who presented the item at the March 18 Finance, Buildings and Grounds Committee meeting, told commissioners the district issued a refunding of its bond anticipation note and sold a larger general obligation note this month. He said the first issuance refunded a $12,500,000 bond anticipation note (marked in the paperwork at a 5% coupon but reduced by premium to a lower effective cost) and that the district received roughly $942,000 in bond premium on that sale. He said the bonds’ stated coupon will read 5% but added that “the bond premium for this first issuance was just under a hundred k, 942,000 and change” and that the premium effectively reduced the net interest cost to about 3.26%.

McCray said the larger issue, labeled 2025B in district materials, was a general obligation note for roughly $139,300,000 that the district sent to market on March 3 and…