Fitch Rates Perrysburg Schools, Ohio's 2007 Rfdg GOs 'AA-'.CHICAGO -- Fitch has assigned an 'AA-' rating to Perrysburg Exempted Village School District, Ohio's approximately $9.3 million advance refunding Advance Refunding 1. A bond issuance used to pay off another outstanding bond. The new bond will often be issued at a lower rate than the older outstanding bond. 2. A bond issuance in which new bonds are sold at a lower rate than outstanding ones. (general obligation, unlimited tax) bonds, series 2007. The bonds are expected to price through Robert W. Baird Robert Wilson Baird (born April 1, 1883) helped found the financial services firm that bears his name and led it for more than 40 years. Baird’s father was a professor of Greek literature at Northwestern University in Evanston, Illinois, where Baird grew up. & Co. on or about Jan. 10, 2007. The bonds are voted obligations of the district secured by its full faith and credit pledge. Proceeds will refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. outstanding general obligation (GO) debt. In addition, Fitch affirms the 'AA-' rating on the district's approximately $35 million of outstanding GO debt. The Rating Outlook is Stable. The rating is based on the district's excellent academic performance, which has produced strong voter support and stable enrollment; growing local economy characterized by above-average wealth levels; and low debt burden, with limited future capital needs. Since 2001, the school district has achieved an 'excellent' rating from the Ohio Department of Education, meeting 25 out of 25 state standards. Its superior product garnered voter support for a diverse revenue stream which includes operating and capital property tax levies as well as a local income tax. While the district ranks in the upper third of its peer group in academic quality, per pupil spending is among the lowest. Although audited financial results exhibited declines in the past few years in a property tax authorization cycle common to most Ohio school districts, the approval of an operating levy in November 2004 and a capital levy capital levy, form of taxation by which the government takes part of the capital of any person or business, as distinguished from a tax on personal or business income. in November 2005 should improve the district's fiscal position for the next several years. Beyond the renovation of its existing facilities, the district has few other capital needs as its current capacity is adequate to meet its current and projected enrollment. Perrysburg Exempted Village School District, located in north-central Ohio in Wood County as part of the Toledo metropolitan area The Toledo Metropolitan Area is a metropolitan area centered in the American city of Toledo, Ohio with 656,696 residents and four counties within Northwest Ohio. According to the U.S. Census Bureau, the metropolitan area includes the counties of Fulton, Lucas, Ottawa and Wood. , experienced gains in both population and total enrollment in the past several decades. The district's student enrollment has increased 1% on average annually since 2001, as high-caliber academic excellence and affordable housing prices attracted affluent residents to the district. The district's wealth levels are above average, with average per pupil property market values equal to 132% of the state average, and adjusted income figures equal to 125% of Ohio figures. Historically an agricultural and residential area, the local economy has diversified and is anchored by Bowling Green State University Bowling Green State University, at Bowling Green, Ohio; coeducational; chartered 1910 as a normal school, opened 1914. It became a college in 1929, a university in 1935. , the district's largest employer, Owens Illinois, and Owens Community College Owens State Community College is a comprehensive community college with campuses in Toledo and Findlay, Ohio, United States.[2] Owens was founded in 1965 in Toledo, was chartered in 1967, and opened its Findlay campus in 1983. . The district maintains cooperative agreements with local higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. institutions to align curricula as well as promote staff training. Other local employers represent automotive and glass manufacturing, with a sizeable governmental base stabilizing unemployment near the national average. While audited financial results tend to ebb and flow the alternate ebb and flood of the tide; often used figuratively. See also: Ebb with the passage of operating levies, the district's primary budgeting and operating document, its five-year outlook, should demonstrate more consistency. Aided by the approval of new operating levies as well as growth in income tax receipts, on a cash basis the district's fund balances have approximated $1 million or 3% of spending for the past three years ending June 30, 2006, and are projected to remain healthy until fiscal 2008. Audited results reflect accounting adjustments related to payroll and pension payment accruals. In fiscal 2005, the last available year of GAAP-based audited results, the district's general fund produced a shortfall, reducing ending fund balances to negative $245,759 (negative 0.7% of spending). The collection of operating levies should improve audited financial performance. As the district completed its last major facility (the high school) in 2001 and enrollment is well within capacity, its capital program will focus on the renovation of its six remaining classroom buildings. The district's moderate direct debt equals $1,479 per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. or 1.6% of property values, and overall debt remains manageable at $2,541 per capita and 2.7% of property values. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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