Triad receives “Aa3” bond rating

Staff report

NORTH LEWISBURG – Triad Local School District has achieved a strong bond rating of “Aa3” for the construction of new athletic facilities. Bonds were officially offered to the public on Feb. 5, which according to a press release from the school were very well received and sold quickly at very favorable interest rates for the District.

“We were fortunate to time the bond market perfectly,” said Mike Burns of Baird, which served as the District’s bond underwriter. “The bonds sold at interest rates much lower than originally anticipated which will ultimately benefit the taxpayers of Triad LSD.”

The District’s bonds are anticipated to close and fund on March 3, 2020. In the next few months, the District will continue to work with the architect and plan for construction this Spring, 2020. It is anticipated that the new athletic facilities will be open in time for football season this fall.

“Triad Local School District’s Board, administration and the children want to thank you the Triad Community for your support in November when the community supported the bond and permanent improvement levy for the construction of our new athletic facilities,” Superintendent Vickie Hoffman wrote in a press release. “Since November, the administration has been working diligently toward the issuance of the bonds. The first step of issuing the bonds was to achieve a bond rating for the District. Similar to a personal credit score, the stronger the bond rating, the lower the interest rate on the bonds.”

According to the press release, both Triad Treasurer Connie Cohn and Superintendent Hoffman were both instrumental in preparing for and presenting to Moody’s Rating Service and were successful at achieving the strong bond rating. In comparison, out of 612 school districts in Ohio, approximately 401 of them have underlying bond ratings. Out of those 401 schools, only 98 schools have a higher underlying bond rating than Triad LSD, placing the District in the top 25 percentile of all rated school districts in Ohio. Locally, Triad LSD is the highest rated district along with four others in Champaign, Logan and Union Counties.

For additional information and questions, contact Hoffman at (937) 826-4961.

Staff report