At last night's Campbell County School Board Meeting the trustees received a presentation on the Campbell County Recreation Center Project Joint Powers Board 2008 Bonds. After the meeting Associate Superintendent for instructional support, Dr. Alex Ayers provided an overview.
“From the Joint Powers Board in terms of the revenue release bonds at the rec center, the school district refinanced their portion of those bonds. That refinancing if you will, lowered the average coupon rate from a little over 5% to a true interest cost of 1.44%. That saves our tax payers 1.5 million between now and 2019.”
On May 8th of 2013 a credit presentation and bond documents were submitted to Standard and Poor's. And on May 22nd officials were notified by Standard and Poor's of an upgrade to an AA- rating with a stable outlook. Ayers said the transfer of funds is scheduled for June 13th.
“I think the timing was very good in terms of refinancing I certainly want to thank our partners the city and the county for their work on the Joint Powers Board and of course their support of the project and we will continue to be good partners of the school district.”
In November 2007, Campbell County, Campbell County School District 1 and the City of Gillette formed a Joint Powers Board to provide a mechanism to fund the Campbell County Recreation Center. The total cost of the project was $55 million. In April 2008, the Joint Powers Board issued $47,400,000 lease revenue bonds to fiance a portion of the cost. The bonds received an "A+" rating.