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SCASD to Issue Bonds for Elementary School Projects

by on March 07, 2018 11:16 AM

Beginning next week, State College Area School District will issue general obligation bonds to fund renovation and new construction for three elementary schools.

Approximately $49,610,000 of the district's general obligation bonds, series of 2018, will be available to individual retail customers during a priority period on Tuesday, March 13. The bonds will be rated Aa1 and AA by Moody’s and Standard & Poor’s, respectively. 

SCASD has retained the Aa1 rating from Moody’s, its second highest category. About 8 percent of school districts statewide are rated at or higher than Aa1. Its AA rating is Standard & Poor’s third highest category, and about 15 percent of school districts statewide are rated the same or higher.

Anyone interested in purchasing the bonds should request a copy of the Preliminary Official Statement related to the bonds from Bank of America Merrill Lynch (814) 231-8901, Janney Montgomery Scott (800) 238-0067, Raymond James (877) 295-9116, or UBS Financial Services Inc. (800) 633-1245. 

Questions about the bond issuance should be directed to the district's business office at (814) 231-1021.

The elementary school projects include renovations and additions to Corl Street and Radio Park elementary and the construction of a new school, Spring Creek Elementary, which will merge Houserville and Lemont elementary schools into a single K-5 building at the current Houserville site.

Final plans for the projects were approved in September 2017 and work got under way in January. Construction is expected to be completed by the summer of 2019.

After state reimbursements and grants the most recent estimated combined cost for all three projects, including construction, soft costs and various approved alternate recommendations, is $64.6 million. 

Geoff Rushton is managing editor for Contact him at [email protected] or find him on Twitter at @geoffrushton.
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