Friday, June 08, 2001
Schools to save $700,000
By Jennifer Mrozowski
The Cincinnati Enquirer
MASON Mason City School District will save nearly $700,000 in interest payments on general obligation bonds thanks to a recent upgrade in the district's bond rating.
The rating changed from Aa3 to Aa2 will reduce interest on the 20-year life of the district's $72 million bond issue for a new high school and community center.
The rating change by Moody's Investor Service in New York affects the cost of borrowing, according to the district's bond underwriter firm, Seasongood and Mayer, downtown.
Mason's bond rating upgrade reflects a rapidly expanding tax base, favorable financial operations that exhibit little stress from rapid enrollment growth and a recently approved phased-in levy for operating purposes, according to Moody's.
This comes at a good time as we issue bonds for the new high school, said Treasurer Richard Gardner.
This rating results in a lower interest cost. It reduces the cost of the new high school and recreation center for taxpayers.
The $72 million bond is for a project partnered between the city of Mason and the school district.
The plan includes a 355,000-square-foot high school, to open in September 2002, and a 140,800-square-foot recreation center with additional space for planned competition and leisure pools, to open in January 2003.
The high school and recreation center will be built on a city-owned, 73-acre tract along Mason-Montgomery Road, between Main Street and Mason High School.
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