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Oakwood School Treasurer Kevin Philo, left, reviews maket trends with Bruce Chalken, a bond salesperson of Seasongood and Mayer in Cincinnati, during recent refinancing/sale of school bonds.
On April 11, 2007, the Oakwood School District refinanced $8,800,000 in outstanding bonds originally issued in 2003. The “refunding” of this prior debt will save district taxpayers approximately $650,000 over the life of the issue. This savings will be reflected in lower tax rates required to pay off the debt issue.
The 2003 bonds were originally issued with an average interest rate of 5 percent. The refunding bonds were sold last week with varying rates, averaging 4.27 percent. The refunded bonds will mature over the same 24 year time period but have been restructured to create a one mill drop in property taxes in 2008.
Ahead of the sale, the Oakwood School’s credit rating was upgraded from A1 to Aa3 by Moody’s Investors Service, reflecting the districts “stable financial position, solid voter support for operating referenda, strong tax base, and manageable debt position.” It is estimated that this credit rating increase saved the district taxpayers close to $100,000 in interest costs over the life of the loan. The new bonds were still sold as AAA insured.
School Treasurer Kevin Philo, who attended the sale of the bonds in Cincinnati, stated,“ This refinancing was very beneficial to the taxpayers of Oakwood Schools. We were able to take advantage of a lower interest rate market than when the bonds were originally sold, which at that time was at historic lows. This refinancing and upgrade in credit rating helps the taxpayers, but does not create any additional money for the school district.”
“We are very pleased that we are able to save Oakwood taxpayers money with this refinancing and credit rating upgrade. We will continue to be financially accountable to our citizens,” said Dr. Mary Jo Scalzo, superintendent of Oakwood schools.
The school district has been working on this project for the last eight months and got input from the Oakwood School’s Business Advisory Council, a group of Oakwood citizens who review the finances monthly, and the Oakwood School’s Facility Committee before the Board of Education approved the possibility in November 2006.
The school district has a 1.8 mill Permanent Improvement Replacement Levy on the ballot May 8, which will not increase taxes when combined with this one mill decrease in the millage needed for the bond issue. The replacement levy will generate additional funds needed for building maintenance, technology, and upgrades in building security, with the largest portion for ongoing repairs of the existing buildings including roofs, plumbing, electrical, and other infrastructure needs. This levy was originally approved by Oakwood voters in 1978 and has been renewed five times since then.
A new scholarship has just been announced by the Kuhlman Foundation that is available to current OHS students as well as graduates. Ms. Kuhlman was born and spent her childhood in Dayton, Ohio. She attended Oakwood HS and graduated in 1943. Ms. Kuhlman spent most of her adult life in the pursuit of gaining and sharing knowledge in the field of Fiber Art.
Due to Ms. Kuhlman’s generosity, the Kuhlman Foundation is dedicated to providing scholarships to outstanding Oakwood High School students (current seniors or graduates) pursuing a four-year degree in Fiber Art. Related fields of study will be considered to include: wearable art, weaving, pattern design, and fashion design.
Applications are available in the Oakwood High School Guidance Office for current OHS seniors. For past OHS graduates, please refer to: http://www.kuhlmanfoundation.com
The Oakwood School District is conducting five community meetings to inform the residents about the 1.8 mill Permanent Improvement Replacement Levy on the ballot May 8. A question and answer period will begin the meeting during which residents will hear what this levy is about, how it will help the district, and how passage will not increase their taxes. Participants will also tour the school to see what was accom
plished with the 2002 Bond Issue and what would be accomplished with the replacement of the Permanent Improvement Levy in May. The meetings are scheduled as follows:
Tuesday, April 17 – Lange Elementary – 7:30 p.m. - Library
Wednesday, April 18 – Harman Elementary – 7:30 p.m. - Library
Tuesday, April 24 – Smith Elementary – 7:30 p.m. - Library
Monday, April 30 – OHS./Junior High – 7:30 p.m. – Library
Tuesday, May 1 – Oakwood H.S./Junior High – 4 p.m. - Library
If anyone has questions about the Replacement Levy or these scheduled meetings, they can contact Kevin Philo, the Oakwood School District’s Treasurer/ Business Manager at 297-5332 or email kphilo@oakwood.k12.oh.us.
Oakwood Junior and Senior High School will offer summer school classes beginning Tuesday, June 12, 2007. Summer school packets are now available to students.
Open enrollment began on Monday, March 19. A completed registration form
with parent signature as well as full tuition and any fees for all classes must be paid in the form of cash or check at the time of registration. Registration will take place in the Senior High Bookroom. For more information please call 297-5325.
The Oakwood City School District is announcing that written nominations are now being accepted for the Sam Andrews Educational Hall of Honor. Nominations must be submitted to the Superintendent, Dr. Mary Jo Scalzo, and mailed or delivered to the Board Office, 20 Rubicon Road, Dayton, OH 45409, by April 20, 2007.
The nominee should be retired from school employment or voluntary school-related service for three years or more.
Your nomination should include how the honoree has made “a distinguished and significant contribution toward the beneficial growth and education of the students in this community which shall serve to commemorate the high ideals that characterized the life and career of Sam Andrews.”
Please include adequate background information on the nominee so that he/she may receive optimum consideration by the selection committee.
A nomination form and information on the background of the award is available by calling Sandy Maresh at the Board of Education at 297-5332, or email at maresh.sandy@oakwood.k12.oh.us; however, submissions may be made without using the form.
Nominations for the 2007 Sam Andrews Educational Hall of Honor must be submitted by April 20, 2007. Names of the nominees will be published in the local papers in April. Supporting letters for these nominees should be submitted to the school district by May 25, 2007.
Prior nominees include: Year three nomination - Ralph Furguson, Oakwood Junior/Senior High English Teacher from 1968-1996. Year two nomination – Warner Simpson, School Psychologist/ Director of Special Services from 1981-1995). Letters of support for both Ralph Furguson and Warner Simpson are now being accepted.
Oakwood Junior and Senior High School will offer summer school classes beginning Tuesday, June 12, 2007. Summer school packets are now available to students.
Open enrollment began on Monday, March 19. A completed registration form with parent signature as well as full tuition and any fees for all classes must be paid in the form of cash or check at the time of registration. Registration will take place in the Senior High Bookroom.
For more information please call 297-5325.
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