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PARKERSBURG -- The Wood County Board of Education will meet in special session at the Wood County Schools Central Office on Nov. 14 to award the sale of its $60,850,000 Public School Bonds, Series 2023 for county-wide construction and renovation school projects.
The board previously met Oct. 24 to approve moving forward with the marketing of the bonds for a two week period leading up to the sale date of the bonds, according to a press release issued Thursday.
Wood County voters approved the $60,850,000 bond call in May 2022. The bonds will allow the building of three new elementary schools, auditorium renovations at Parkersburg and Parkersburg South high schools, and significant improvements to county athletic facilities. The bond projects also include security and safety improvements throughout Wood County.
The sale of the bonds is contingent upon the interest rate on the bonds not being more than 4.50% as per the bond call approved by Wood County voters. Current interest rates are near the 4.50% maximum rate, officials said. If interest rate bids received on the sale date are over the maximum rate, the sale of the bonds would be delayed until market conditions provide for a more favorable rate.
Officials are optimistic the bond sale will be successful in part due to favorable bond ratings from two national rating agencies, the release said.
Moody's Investors Service assigned a rating of "Aa3" to the school system and the public school bonds to be issued. In addition, the school system received a "Aa-" long-term rating from Standard and Poor's Rating Service based on its participation in the West Virginia Municipal Bond Commission Program, a rating West Virginia public school bonds have traditionally been assigned.
Wood County Schools is one of only three West Virginia school systems to receive the "Aa3" bond rating from Moody's, the release said.
Joe Nassif, Municipal Advisor and managing director at Piper Sandler, said the bond rating will open up the sale of the bonds to a larger number of bidders and give investors additional confidence in the bonds.
"We're very excited about the Moody's rating that was assigned to the bonds," Nassif told the board during the Oct. 24 presentation. "It now sets a roadmap and path for us to move forward with the sale of the bonds."
Nassif credited the "amazing work and superior presentation" by Superintendent Christie Willis, Wood County Schools staff, and the school board with garnering the high rating.
"We believe that 'Aa3' Moody's rating is going to positively impact the interest in the bond sale," Nassif said.
It also could result in lower interest rates and potential savings for taxpayers, he said.
"It gives us a good opportunity to stay under that 4.50% interest rate cap," Nassif said.
An offering document was made available to potential bond investors last week. The board will meet in special session at 12:30 p.m. Tuesday, Nov. 14, to receive the results. If the sale completes as planned on Nov. 14, the school system would receive proceeds of the bonds, in full, on Dec. 5 and begin projects after the first of the year.
The school board will also be holding two other meetings next week at the Wood County Schools Central Office at 1210 13th St. in Parkersburg.
The board will meet at 2 p.m. Monday, Nov. 13, in special session to conduct a student expulsion hearing. Details concerning student disciplinary action are not made public.
Following the special bond meeting on Tuesday, the board will meet in regular session at 6 p.m. Tuesday. Items on the agenda include recognition of Williamstown High School Girls Cross Country State Champions and WHS Boys Cross Country State Runner Up, announcement of the Vaping Prevention Campaign Contest winners, recognition of the Unite with Numeracy Team, a presentation on the West Virginia Department of Education Educator Resources Video and local teacher contributions, a presentation of the district's inclement weather plan, and an update on Wood County Schools technology.
Monday's student discipline hearing is not open to the public. Both meetings Tuesday are open to the public and will be streamed online.
Full agendas can be found at www.woodcountyschoolswv.com under Our District/Board of Education/Agendas. A link to the online stream can be found under Our District/Board of Education/Virtual Link.