Pasco school district gets strong credit ratings for upcoming issue

The Pasco County School Board meets on Oct. 16, 2018. [Jeffrey S. Solochek | Times]
The Pasco County School Board meets on Oct. 16, 2018. [Jeffrey S. Solochek | Times]
Published October 17

In advance of selling $67.5 million in certificates of participation, the Pasco County school district sent several high level officials to New York to pitch for a good credit rating.

The effort paid off, chief finance officer Olga Swinson told the School Board on Tuesday.

The district received an A1 rating from Moody's Investors Service and an A+ from Fitch Ratings. Both are investment grade levels, reflecting the district's solid financial status and also its limited ability to independently generate additional revenue.

Raymond James is scheduled to handle the sale, including setting the certificate prices, on Oct. 23. The revenue is slated to pay for construction of Starkey K-8 and and Cypress Creek Middle School.

Superintendent Kurt Browning said the district also intends to use the sale as a learning experience for students. Teens in the Sunlake High School finance academy have been invited to attend.

It’s a great opportunity for them to see what happens in real life,” Browning said, adding that he hoped the event would take longer than the 15 minutes the district’s last COPs sale took. 

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