CITY OF HAMILTON, CHAMPION MILL PROJECT
SUMMARY OF SALE $31,900,000Taxable Special Obligation Nontax Revenue Bonds, Series
Westerville City Schools Modernization
- March 11, 2020
SUMMARY OF SALE
$103,000,000
School Facilities Construction and Improvement Bonds, Series 2020
General Obligation-Unlimited Tax | Tax Exempt
About the Project
Bonds were issued for the purpose of constructing new school facilities, additions, renovating and improving existing school facilities, including safety and security improvements, furnishing and improving the site.
Authorization & Purpose
The Bonds are authorized by a resolution of the Board passed on November 18, 2019 (the “Bond Resolution”). The electors of the School District approved the issuance of bonds in the amount of $103,000,000 at the election held on November 5, 2019, and the Bonds are issued pursuant to such voted authority.
The Bonds are unlimited tax general obligation bonds issued for the purpose of constructing new school facilities; constructing additions to and renovating and improving existing school facilities, including safety and security improvements; furnishing and equipping the same, improving the sites thereof; and acquiring land and interests in land. The term of the bond is just under thirty‐seven (37) years.
Security
The Bonds are voted general obligations of the District supported by the November 2019 Bond Levy. 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.
Millage
The ballot issue reported an estimated average annual millage of 1.95 mills. Post bond sale, the financing team is estimating an average millage of 1.61 mills. Both estimates assume no further growth in the District’s tax base, and therefore are almost certainly far too conservative. History suggests the eventual true average millage will be considerably lower than 1.61 mills.
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