Cd'A schools prepare for bond sales
COEUR d'ALENE - With the assignment of an underlying rating of Aa2 by Moody's Investors Service, the Coeur d'Alene School District is poised for the sale of its general obligation bonds this week.
Superintendent Hazel Bauman and Wendell Wardell, the district's chief operating officer, met with Moody's last week and presented the district's financial status as sound. Moody's agreed, stating the sizable tax base with stable student enrollment and the district's multiple years of stable financial operations were strengths.
"We've received a superb rating," Wardell said. "Landing us better than any school district in Idaho, except for Boise which has a permanent maintenance and operations levy that places it in a different financial rating category."
Investors are invited to participate in the sale of the bonds on Wednesday and Thursday. Wednesday will be a retail selling day exclusive to local investors.
Bauman wanted to ensure members of the local community had the opportunity to purchase the tax-free municipal bonds prior to the commercial sale.
"The sale of the school bonds continues to be a positive event for our local community," Bauman said. "The passage of this summer's school bond will revitalize and enhance school buildings across our district and with our enhanced rating from Moody's we will be able to provide significant savings to our community."
After Wednesday's retail sale option to local residents, Seattle-Northwest Securities will take the bonds Thursday to the full commercial market.
The bonds are anticipated to be sold by mid-day Thursday and if interest rates hold, the district is anticipating locking in an interest rate less than 2 percent.
"With how favorable rates are, we are hoping to avoid close to $2 million in interest to the local taxpayer," Wardell said.
Trustees will hold a special meeting at 3:30 p.m. Thursday at the district office to accept the sale of the bonds.
Local investors interested in purchasing SD 271 bonds on Wednesday may contact D.A. Davidson at 1-800-233-7588; Edward Jones at 1-800-Ed-Jones; or Morgan Stanley at 1-800-338-7169.