PORT CLINTON — Port Clinton City School District said it has been awarded the second-highest bond rate of AA-plus from Standard & Poor's rating agency for the sale of its construction bonds, a move expected to lower financing costs.
The state is allowing Port Clinton schools to buy $15 million in low-cost school construction bonds for new facilities. Superintendent Patrick Adkins said the rating also eliminates the need to pay for bond insurance. He credited the district's “solid financial performance and voter history” for the high rating.
Construction is expected in late fall, with classes to start in new facilities for the 2012-13 school year. A new middle school will be built on the northwest corner of the high school site off Jefferson Street, and Bataan Memorial Elementary School will be remodeled and expanded.
The low-cost bonds could allow the district to reduce the amount of millage collected over the life of the issue.