Ankeny School's Bond Rating is Upgraded
ANKENY, Iowa (July 9, 2018) - The Ankeny Community School District is pleased to announce that Moody’s Investors Service recently upgraded the district from an Aa3 to Aa2 bond credit rating regarding general obligation unlimited tax (GOULT) debt. The improved upgrade resulted in significant savings for the school district. The upgrade is based on the district’s credit strengths:
- Large and growing tax base outside Des Moines, with a strong demographic profile
- Growing enrollment and population trends over the last two decades
- Stable financial operations and forward-looking planning resulting in consecutive years of growth reserves
”We are very pleased to receive an upgraded bond credit rating,” said Jackie Black, Ankeny Schools Chief Financial Officer. “Continued diligence in our financial planning ensures we have optimum educational resources.”
On February 6, Ankeny voters approved an $18 million bond referendum to design, build, furnish, and improve the site of a new elementary school which is set to begin in the fall of 2018.
Issuing the general obligation bond was the next step in the process of building elementary 11 to address the rapid growth in district enrollment, primarily at the elementary level. Financial advisor, Suzanne Gerlach of Public Financial Management (PFM), recently presented nine bids to the school board for the initial sale of the bonds. The board awarded Robert W. Baird & Co., Inc. of Milwaukee, Wisconsin the aggregate par amount of $16,770,000 for a purchase price of $17, 820,851 at the 2.7947% true interest cost (TIC).
The next milestone in the construction of elementary 11 will be the Board’s acceptance of construction bids to open July 31 at 2:00 p.m.