The Findlay City School District plans this week to sell $54.2 million of school facilities construction and improvement bonds. The debt includes $50.3 million of taxable Build America Bonds and $3.9 million of tax-exempt general obligation bonds. Stifel, Nicolaus & Co. is the underwriter.
Voters in Findlay approved the borrowing in November. Proceeds from the bond issue will finance construction of two new middle schools and rehabilitate existing schools. The bonds are secured by the district’s GO unlimited-tax pledge.
Moody’s Investors Service assigned an Aa3 rating to the debt. Analysts predicted that the district’s financial position will remain stable under strong fiscal management. Findlay is the county seat for Hancock County, which includes Toledo.