Bradley Payne Advisors | Project Spotlight

Sycamore Community City School District

Bonds were issued for new construction, improvements, renovations, and additions to the Sycamore High School facilities, providing equipment, furnishings, site development and improvements.

SUMMARY OF SALE

March 11, 2020

$121,730,000

School Improvement Bonds, Series 2020

General Obligation – Unlimited Tax | Tax Exempt

About the Project

Bonds were issued to refund the School District’s outstanding Unlimited Tax General Obligation School Improvement Bond Anticipation Notes that were originally issued for the purpose of new construction, improvements, renovations, and additions to school facilities, and providing equipment, furnishings, site development and improvements.

Authorization & Purpose

The Bonds are being issued to current refund the School District’s outstanding $127,500,000 Unlimited Tax General Obligation School

Improvement Bond Anticipation Notes, Series 2019, dated December 27, 2019 and maturing on April 15, 2020 (the “Notes”) that were

issued for the purpose of new construction, improvements, renovations, and additions to school facilities, and providing equipment,

furnishings, and site development and improvements, and all necessary appurtenances therefor, authorized pursuant to a vote of the

electors of the District at an election held on November 5, 2019; the general laws of the State of Ohio, particularly Chapter 133 of the

Ohio Revised Code (the Uniform Public Securities Law); and a resolution authorizing this issue, adopted by the Board of Education on

December 4, 2019 (the “Bond Legislation”).

Security

The Bonds are voted general obligations of the District. The Board of Education will pledge the full faith, credit and revenue of the Board of Education thereto, and levy on all the taxable property in the School District, in addition to all other taxes, an annual tax sufficient in amount to provide for payment of the principal of and interest on the Bonds. Such taxes can be expended only for the purpose of paying the principal of and interest on the Bonds (together with costs of issuing the Bonds), and are unlimited as to rate or amount, therefore, the rate of millage actually levied in each year while the Bonds are outstanding will be such as is determined to be necessary by the County Auditor to produce the amount necessary to pay principal and interest due in that year, giving due consideration to the School District’s assessed valuation and previous tax collection experience.

Specialty and focus in financial solutions

DEEP EXPERIENCE & EXPERTISE

Bradley Payne distinguishes itself by providing independent, approachable and innovative financial advice. Our advice is big picture, whether a client is seeking quick pro forma analysis, conducting a simple refunding, restructuring its entire debt portfolio, or looking to amend its existing credit structure, Bradley Payne works to provide analysis and advice that is relevant to the issuer’s unique financial position and operating environment. 

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