Logan Elm Local School District Announces Sale of Bonds
The Logan Elm Local School District announces the opportunity to invest in their upcoming building project. The District expects to sell $44.39 million in bonds to help fund the construction of a new building to house students in grades PK-12. Local residents approved the bond issue in November 2018, allowing for the sale of these bonds.
The construction project, in conjunction with Ohio Facilities Construction Commission (OFCC), which will contribute $13.8 million of matching state funds for the building. The new school building will be constructed on land the District already owns, located adjacent to the High School/Middle School complex on Tarlton Road. In the next few months, the District will work with OFCC to select an architect and plan for construction. It is anticipated that the new building will open in the 2022-2023 school year.
Logan Elm plans to issue the tax-exempt bonds on Tuesday, February 12, 2019. They will be sold in increments of $5,000 and have maturities that range from one year to 37 years. The bonds will be sold in two series of bonds. The Series 2019 A Bonds will be enhanced with the Ohio School District Credit Enhancement Program while the Series 2019 B Bonds will be enhanced with bond insurance. Logan Elm Local School District was recently rated by Moody’s Rating Service. Moody’s assigned an “Aa3” underlying rating to the bonds which according to Moody’s website is considered a high quality and subject to very low credit risk. In addition, the Series 2019 A Bonds will have an enhanced rating of “Aa2” and the Series 2019 B Bonds will have an enhance rating of “AA”. Logan Elm Local Schools will be working with Baird to handle the sale of these bonds. If local residents want to purchase the bonds, they may contact their financial advisor or call the Treasurer’s Office at 740-474-7501.