VERMILION SCHOOLS RECOGNIZED FOR STRONG FINANCIAL MANAGEMENT
November 03, 2012
Moody’s, a worldwide leader in financial research and analysis, issued a strong “Aa2” credit rating for Vermilion Schools due to the district’s commitment to strong fiscal management and its stable and diverse tax base. Vermilion Schools are in the process of obtaining Certificates of Participation, a lease purchasing finance option that is much like traditional bond financing, to fund the upcoming facilities project.
“We welcome this report from Moody’s, and hope the taxpayers know our Board of Education and school leaders are committed to being as efficient as possible with their dollars,” stated Superintendent Philip Pempin. “With this strong credit rating, we can take advantage of extremely low interest rates and that translates into significant long-term savings for taxpayers.”
The citizens of Vermilion helped shape this project, which will provide much-needed new and updated classroom space for students. The District Facilities Commission and Financial Task Force, composed of volunteer members of the community, have dedicated many hours of review, preparation, and planning to help shape this cost effective plan.
“This plan makes sense,” added local business owner and Commission member Richard Zanglin. “It provides students with 21st century classrooms and it is being done without asking for additional money from taxpayers.”
Next steps on the facilities project include completing the financing and design work. It is possible that work can begin in May, 2013, with students starting school in a new elementary wing in the fall of 2014.
“We have a lot to celebrate in Vermilion,” added Treasurer Amy Hendricks. “Our students are getting updated facilities for optimal learning and our taxpayers can be assured that it’s being accomplished in an economical way.”