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Schools sell first set of bonds to get ready for construction
The Mercer Island School District’s Board of Directors passed Resolution 620 Thursday, May 15, which provided for the issuance and sale of unlimited tax general obligation bonds of the district in the aggregate principal amount of $45,260,000 as authorized by resolution of the Board of Directors and approved by the qualified electors of the District at a special election held on February 11.
“This sale represents the first of potentially three bond sales designed to structure debt and maximize the district’s ability to keep the tax rates flat and stable,” said school district CFO Dean Mack.
Moody’s Investor Service affirmed the district’s “Aaa” bond rating earlier this month. Moody’s stable rating outlook is based on the district’s sizable tax base which benefits from a robust local economy, very strong wealth levels and its history of maintaining structurally balanced financial operations. Mercer Island School District is one of only 65 school districts in the nation to be rated “Aaa” by Moody’s. The “Aaa” rating benefits all of the Mercer Island property owners because this exceptional bond rating reduces interest rates and costs to all taxpayers.
“Having Moody’s validate the strength of the Mercer Island School District is very important to taxpayers, district management and bond holders. Higher bond ratings lead to increased demand for the district’s bonds. Our position in the robust Puget Sound economy and the district’s stable financial position enables the district to efficiently access the capital markets to finance our ongoing capital facilities program,” said Superintendent Dr. Gary Plano.