ROSSFORD — The Rossford school board approved an amending resolution to its financing for planned new
facilities.
At Monday night’s board meeting, Treasurer James Rossler explained the need for the change during his
“Five Good Minutes” segment. The resolution eliminated one step of financing by combining two different
pieces of financing for the new schools.
Rossler reminded the board of its action last December when it issued what is called a bond anticipation
note for nearly $10 million. He said that was designed “to take advantage of some favorable tax rules
and a favorable interest rate as part of the financing plan in place at the time.”
Earlier this month, the district and its agents conducted the sale of what originally was to be the
second of five pieces of financing.
“We priced and sold $21,490,000 in bonds. Both of these pieces of financing went exactly as planned,”
Rossler said.
There were three more pieces scheduled in the original plan. The first was $31 million in certificates of
participation (COP); $9.95 million in bank-qualified bonds and finally $8.5 million in tax anticipation
notes (TAN).
“This plan was conceived after much thought, given the interest rates at the time. Because there is not
an advantage today in placing the $8.5 million TAN, the $31 million in COPs will now be $43 million as a
‘not to exceed’ amount,” Rossler said. “Therefore we will have four individual pieces of financing
instead of the original five. The pricing and sale of the final two pieces will take place April 25.”
Rossler later explained that the original numbers were estimated numbers that were subject to change. He
assured the board on Monday this was the most efficient and economical way for the board to proceed and
the measure was passed unanimously by those in attendance. Kent Murphree was absent Monday.
Rossler told the board after that April 25 sale, “there will be one more item that needs to take place.
That is to pay off the bond anticipation note with the bond proceeds.”
“What I really want to emphasize is the amount of time and energy the team has given to the structure of
this financing,” Rossler said.
The treasurer noted Rockmill Financial Consulting along with both Key and PNC banks (planners and bond
sellers) have been “incredibly diligent in running countless scenarios searching for every bit of saving
for the district.”
“Internally the plan has been kicked around several times to make sure things are as efficient as they
could be. As recently as last week they ran numbers to see if bond insurance would be another way to
trim costs only to find that it was not a viable option. I am certain that the sale on April 25 will
culminate with the most efficient financing structure the district could attain.”
In other action the board:
• Approved the amounts for school fees for the 2017-18 school year for the elementary, junior high and
high schools, which remain unchanged with no increases over the current year.
• Approved various certified, classified and supplemental contracts.
• Approved “extended time” payments as needed. This is an annual routine for staff when they perform
extra duties.
• Approved the dates for both Teacher/Staff Appreciation Week (May 1-5) and Right to Read Week (May
15-19).
