Lowndes Schools’ decrease of $4.1 million in annual bond payments after 2013
is more than the total
$3.6 million in bonds Dublin Schools issued
to pay for their
megawatt of solar power.
So Lowndes Schools could float bonds for
solar panels at Lowndes High School
like Dublin Schools did for
Dubin High School.
Or on the new Pine Grove Middle School,
which already has some
energy efficiency features.
Either would decrease outgo in the future, thus evening up the financial structural balance and increasing reserve levels.
The SPLOST mentioned by Moody’s is the educational ESPLOST,
which
passed by more than 4 to 1 in March 2011.
Moody’s PR 17 July 2013,
Moody’s confirms Lowndes County School District, GA’s Aa3 GO rating,
$34.9 million in GO debt affected
New York, July 17, 2013 — Moody’s Investors Service has confirmed the Aa3 general obligation
rating of Lowndes County School District, GA. The Aa3 rating
affects $34.9 million in outstanding general obligation
bonds. The bonds are secured by the district’s general obligation,
unlimited tax pledge but are expected to be paid from proceeds of a one
percent Special Purpose Local Option Sales Tax (SPLOST). The district
has an additional $10 million in general obligation bonds not rated
by Moody’s.
SUMMARY RATING RATIONALE
The confirmation of the Aa3 rating reflects the district’s sizeable
and growing tax base, SPLOST support of debt service, modest
debt burden, and rapid payout. The rating also incorporates
the district’s below average socioeconomic indicators and recent
trend of General Fund operating deficits. Excluding a slight 1.7%
decline in fiscal year 2011, Lowndes County School District has
consistently experienced growth in the $3.87 million tax
base, which is expected to continue going forward. The base
benefits from the institutional presence offered by Moody Air Force Base,
Valdosta State University (A1/stable), and South Georgia Medical
Center (A2/stable). The current SPLOST is authorized through September
2017 and should provide sufficient revenues to make debt service payments.
In fiscal year 2012, SPLOST revenues were $12.4 million
compared to debt service payments of $12.2 million.
Following fiscal year 2013’s payment of $12.1 million,
the district’s payments will decline to just under $8 million
annually. Amortization is rapid with all debt fully matured by
fiscal year 2018. The district does not have any plans to issue
additional debt.
Continue reading →
Long-time nuclear supporter Tim Echols suggested at
the hearings this morning
that cost overruns at nuclear Plant Vogtle should be capped like Southern Company
was forced to do for Kemper Coal by the Mississippi PSC.
Standard & Poor’s already
downgraded SO because of Kemper Coal
and two analysts have
downgraded SO for sticking to coal and nukes instead of doing more solar and wind.
If SO’s majority part Georgia Power loses the GA PSC, it could be curtains
for Plant Vogtle’s new nukes.
