MOODY'S ASSIGNS AN INITIAL A2 RATING TO OGLE COUNTY COMMUNITY UNIT SCHOOL DISTRICT NUMBER 226 (BYRON'S) IL $8.585 MILLION TAXABLE GO SCHOOL BONDS, SERIES 2009A AND $1.45 GO REFUNDING BONDS, SERIES 2009B

Posted on: December 10, 2009, 3:20 pm

NEW YORK, Dec 10, 2009 -- Moody's Investors Service has assigned an initial A2 rating to Ogle County Community Unit School District Number 226 (Byron's) $8.585 million Taxable General Obligation School Bonds, Series 2009A and $1.45 General Obligation Refunding Bonds, Series 2009B. Concurrently, Moody's has assigned the A2 rating to the district's $25.8 million outstanding Series 2006 bonds. Secured by the district's general obligation unlimited tax pledge, proceeds from the Series 2009A bonds will finance construction of a new two-story addition to replace portions of the district's elementary school as well as various life safety improvements, while proceeds from the Series 2009B bonds will restructure a small portion of the district's Series 2006 bonds in the effort to manage the district's overall tax rate. The Series 2009A bonds will be sold as Build America Bonds, with the 35% interest reimbursement from the Department of Treasury expected to reduce overall borrowing costs. Assignment of the initial A2 rating reflects the district's moderately sized, but significantly concentrated tax base; strong and responsive financial management which has sought to mitigate, to the extent possible, the risk associated with having such a large single tax payer; and a manageable debt burden despite below average amortization given a lack of additional near-term borrowing needs...

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