Bond refinancing will save over $200K

On December 4, 2024, Cory-Rawson Local School District received a bond rating upgrade from Moody’s Investors Service to “Aa3” which is considered “high quality” according to Moody’s methodology. Like a personal credit report, the District carries a bond rating from a bond rating agency to signify the District’s financial, management and demographic strength to investors and potential investors who buy the District’s bonds. The higher the bond rating, the lower the cost of financing.  For comparison purposes, this ranks Cory-Rawson Local School District, in the top 25% of all currently rated Ohio public schools.

In addition to the rating upgrade, the District also announced that the Cory-Rawson board of education and administration decided to refinance the Series 2014 Bonds (from the elementary school construction project) which resulted in total interest savings of over $200,000.  Since these are voted property tax bonds being repaid by the taxpayers, 100% of the savings will flow back to the taxpayers during the remaining term of the bonds.

Mike Burns, Managing Director at Baird, who served as the District’s bond underwriter commented, “Receiving a rating upgrade in today’s climate is a testament of the administration’s strong fiscal management, hard work and positive momentum at the District. There is a bright future ahead for the students at Cory-Rawson Local School District.” 

Jay Clark, the Superintendent of Cory-Rawson Local School District stated, “It was important for the administration to take advantage of the current interest rates to generate these strong savings for the taxpayers. Additionally, the rating upgrade to ‘Aa3’ bond rating is something that we are very proud to have achieved. We believe it proves how well the district is financially managed and the many wonderful things going on at Cory-Rawson.”.