Platte Valley School District took the first step toward new construction projects on Dec. 19 by closing on the 2024 bond sale.
The Kersey community passed a bond in November, with 64% of voters supporting it. The funds will be used to build a new middle school, improve safety and security in the district, create a new central office and address additional capital expenditures, according to a Platte Valley news release.
In competition with the Front Range’s larger entities, the bond market favored Platte Valley’s “shorter structure” — a 15-year repayment — while its competitors had a 25-year payoff. As a result, Platte Valley secured an interest of 3.31%, which saves the district’s taxpayers $300,000 in annual payments, the release said.
The strong demand for the district’s bonds also led to investors paying $12 million more than the $89.5 million bonds’ face value. This is credited to Platte Valley’s “history of strong financial performance,” “strong local support with district voters approving mill levy overrides” and “prudent financial management and conservative budgeting practices,” according to a recent Moody’s credit rating.
The school district received a positive credit opinion and rating from Moody’s due to its “rapidly expanding tax base, positive economic metrics including a strong enrollment trend and maintenance of very strong operating reserves,” according to the release.
“We are again eager to begin the process of improving our operations here at Platte Valley with the help of this bond,” district officials wrote in the release. “The success of this bond sale is a testimony to our bright future and continued mission to Pursue Excellence for All: Every student, Every Day.
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