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Strong Credit Lowers Interest Rates

During the Sept. 18, 2018 school board meeting, Superintendent Smith commended the school board for their commitment to financial stewardship and conservative fiscal practices, maintaining a commendable Aa3 credit rating. Landing within Moody’s Investor Services “High Quality” category, the third party rating agency affirmed Walla Walla Public School’s “double a” rating in their most recent issuer’s comment.

Among many factors, Moody’s called out the district’s credit position as very healthy, noting its strong financial position and healthy local economy and tax base. Most notable was their praise over the district’s negligible debt load of .4%, noting that Walla Walla School District’s debt burden is, “materially below other Moody’s-rated school districts nationwide.”

This favorable credit rating bodes well for the district should the community choose to support the proposed no-tax-rate increase replacement bond appearing on the November 6, 2018 general election ballot. If approved by voters, such strong credit backing helps motivate greater interest from investors, often driving down interest costs at the time of sale. As Smith noted, “I have witnessed first-hand what a positive impact a “double a” credit rating can have at the time of sale. In a similarly-sized bond sale in a former district we were able to save an estimated $5.0M for taxpayers, reducing both the rate and term of the bond.”

The replacement bond appearing on the November ballot, as proposed, is set to maintain the current bond rate of $1.23/$1,000 assessed, one of the lower school bond rates in Walla Walla County. “Should we receive similar heightened interest at the time of sale from investors due to our strong credit rating, taxpayers may actually experience a decrease in rates over current levels due to favorable conditions,” noted Smith.

The replacement bond will renovate Walla Walla High School, Pioneer Middle School, and Lincoln High School and fund specific district-wide health, safety, educational and infrastructure improvements. In addition to the $65.6M generated locally, the school renovation projects are eligible for an estimated $52.6M in State Match funds. All State Match funds will be applied only to the voter-approved projects. Any excess dollars remaining following the completion of the projects will be used to pay down debt to reduce the rate for taxpayers. An 11-member Community Bond Oversight Committee will oversee the entire program to ensure transparency, accountability and fiscal stewardship of the community’s resources. To learn more, visit: http://www.wwps.org/2018bond

WALLA WALLA PUBLIC SCHOOLS • 364 South Park St. • Walla Walla, WA 99362 • Phone: 509-527-3000 • Fax: 509.529.7713

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