Emery School District Receives Commendations When Selling Bond

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The bond includes construction at Ferron Elementary School.

By Julie Johansen

The Emery County School District business department has been working long hours, conscientiously preparing presentations and readings in order to sell the bonds for the massive construction projects in the district throughout the next few years. Superintendent Jared Black announced at the recent school board meeting that the business department once again received recognition for their work.

Business administrator Jackie Allred read the opening summary from Moody, long term obligations ratings. It read, “Emery County School District has a solid financial position stemming from a conservative financial management team. On February 17, we assigned an initial A1 issuer rating and A1 GO rating. Credit strengths come from high full value per capita, strong financial profile, including healthy reserve levels and cash, and absence of OPEB liabilities. Credit challenges stem from a highly concentrated local economy and tax base and long-term trend of declining enrollment.”

Allred also announced that Zions was helpful in helping to prepare to sell but Wells Fargo purchased the bonds at a very conservative 1.64 percentage rate. They had hoped for a conservative rate of 1.99% and were very pleased to get an even lower rate.

To conclude, Allred stated that the ground breaking for construction at Emery High will be on March 22.

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