Holly Area Schools Receives ‘A’ Credit Rating Ahead of Latest Bond Sale

Credit rating shows district on a strong financial footing, prepared to continue meeting needs of all Bronchos

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Holly, Mich. — February 4, 2021

Holly Area Schools recently announced it received an “A” credit rating from Standard & Poors ahead of the latest bond sale that will fund the district’s safety, building, and technology improvement projects approved by voters in 2018. It is the latest example of the district’s proven track record of investing in the success of students and families while maintaining fiscal responsibility and transparency.

“Our latest credit rating demonstrates our district is on the solid financial footing to continue meeting the needs of all Bronchos and planning for any potential emergencies that might arise in the future,” said Scott Roper, Holly Area Schools superintendent. “We are excited for our next round of voter-approved bond projects that promote the safety of students and staff, and fund critical safety, building, and technology improvements that help prepare all Bronchos for the real world and jobs.”

Standard & Poor’s assigned an “A” underlying rating to the district’s $13.3 million Series II School Building and Site Bonds. The rating agency listed the strength of the district’s available fund balance, low-to-moderate debt burden, proactive budgetary adjustments, and the November 2020 renewal of the non-homestead operating millage as key factors in the rating.

The latest bond sale represents the final phase of bond sales for the $38.15 million bonds approved by voters in 2018. To fund the bond projects, the district sold the Series II bonds at 2.38% interest, down from the 5% interest rate for Series I bonds. The lower interest rate will reduce the overall interest owed by the district and improve the district’s ability to sell bonds for any future projects.

“At Holly Area Schools, fiscal responsibility, accountability, and transparency are essential best practices to ensure all taxpayer dollars are spent wisely in our district to prepare all Bronchos for bright futures,” Roper said. “I’d like to personally thank our community for continuing to invest in the success of our students as they prepare for college and careers.”