March 10, 2010 - 427 words
School board approves bond sale
ELIZABETH HARMON - The Woodstock Independent
The Woodstock School District 200 Board of Education approved the sale of $10.4 million in life-safety bonds to fund improvements at 11 schools at its Feb. 23 meeting.
In addition, the board approved a $500,000 tort immunity bond sale and the restructuring of $925,000 in debt from the 2007 referendum to avoid a potential increase to the district tax rate due to the influence of the tax cap and other economic factors.
The life-safety bond sale includes $3.8 million in Series 2010B debt certificates and $6.5 million in Build America Bonds authorized under the Economic Recovery and Reinvestment Act. Eric Anderson, managing director of public finance for BMO Capital Markets, said using the Build America Bonds instead of tax exempt bonds will save the district more than $530,000 in interest.
More savings will result from upgrades to the district's bond rating. Standard & Poor's now gives the district a AA bond rating and a debt certificate rating of AA-. The upgrades will save the district more than $450,000 in interest expenses.
"The better the bond rating, the lower the cost," said Anderson.
The district has had four rating upgrades during the past 12 years and is now tied with Huntley District 158 and Crystal Lake District 47 for the highest bond ratings among McHenry County school districts.
"That's pretty significant," Anderson said.
Total interest saving resulting from the improved bond rating and using Build America Bonds is about $980,000.
"That's almost a million dollars. It's a significant amount of money," said D-200 Superintendent Ellyn Wrzeski.
The bond sales will close March 15.
Summer life-safety work includes asphalt repair and replacement, plumbing replacement, restroom repairs, HVAC repair and replacement, upgrades to the telephone system and replacing the Woodstock High School tennis courts.
Work is planned for Clay Academy, Dean Street Elementary School, the district's administrative office at 227 W. Judd St., Greenwood Elementary School, Mary Endres Elementary School, Northwood Middle School, Olson Elementary School, the transportation center at 11401 Charles Road, Verda Dierzen Early Learning Center, Woodstock High School and Westwood Elementary School.
In an earlier action, the board approved life-safety bids totaling $949,201 for windows at Dean Elementary and Clay Academy, plus purchases of boilers, unit ventilators, chillers and other HVAC equipment. IHC Construction Manager Diane Papenhause said early approval of materials was important because of the tight time frame for the project.
"We want to make sure we have the materials when we need them," she said.
Papenhause and other IHC representatives added that the economy has created a very competitive construction market, with bids coming in approximately 10 to 15 percent lower than a few years ago.
"It's favorable for our taxpayers," said Board President Paul Meyer.
|
Advertisement:
|
|
