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After voters approve $88M bond, DCG moves to sell $15M tranche; Moody’s affirms AA2 rating
Summary
Following voter approval of an $88 million bond measure, the district approved engaging Piper Jaffray for secondary‑market disclosure and Ahlers & Cooney as bond/disclosure counsel and authorized a tax‑exempt sale of about $15 million; Moody’s reaffirmed an AA2 rating for the district before the planned sale.
The Dallas Center‑Grimes Community School District board authorized steps to sell an initial $15 million tranche of the $88 million bond voters approved Nov. 4 and approved related professional engagements for the sale.
Finance staff told the board that after the bond passed the district moved quickly to prepare a December bond sale of approximately $15,000,000 as part of the larger $88,000,000 authorization. Moody’s performed an interview on Nov. 20 and upheld an AA2 rating for the district, noting a solid financial position and a high resident income ratio.
Ms. Wormuth explained the financing actions the board approved: an addendum to engage Piper Jaffray to serve as the dissemination agent for SEC secondary‑market disclosure via EMMA, continuation of Ahlers and Cooney as bond counsel and disclosure counsel (Elizabeth Grove and Kristen Cooper named), and adoption of a resolution directing advertisement for sale and approving electronic bidding procedures and the official statement.
"These 15,000,000 is the tax exempt bond limit for a fiscal year, which is why we scrambled to get done in 2025," Ms. Wormuth said. She explained that although the district has authorization for up to $88,000,000, the sales are staged across multiple years so the district meets statutory limits and timing.
Board members approved motions to engage Piper Jaffray and Ahlers and Cooney and to approve the offering and sale procedures; each motion carried by voice vote. Staff said Piper Jaffray will assist with compiling and uploading required documents to EMMA and with material event disclosures going forward.
Board discussion noted the district’s prior practice of using the same counsel and financial advisor for consistency. No new debt terms were decided at the meeting; staff said final pricing and interest rates will be determined at sale.
