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Kent School District 2006 GO Bonds $35,000,000

Kent School District 2006 GO Bonds $35,000,000. Results of Bond Sale October 25, 2006. Credit Ratings:. Based on the credit review, Standard and Poor’s Rating Group and Moody’s Investors Service both maintained the district’s current ratings. S&P Moody’s

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Kent School District 2006 GO Bonds $35,000,000

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  1. Kent School District 2006 GO Bonds $35,000,000 Results of Bond Sale October 25, 2006

  2. Credit Ratings: • Based on the credit review, Standard and Poor’s Rating Group and Moody’s Investors Service both maintained the district’s current ratings. • S&PMoody’s Underlying Ratings AA- Aa3 w/ State Guarantee AA Aa1

  3. 9 Bids / Interest % • La Salle Financial Svcs, Inc. 4.081277 • Wachovia Bank, NA 4.099974 • Banc of America Securities LLC 4.112717 • William Blair and Co. 4.113900 • UBS Securities LLC 4.114411 • Piper Jaffray 4.118816 • Merrill Lynch & Co. 4.121239 • J.P. Morgan Securities Inc. 4.122101 • Mesirow Finanicial Inc. 4.166256

  4. Summary: • Our competitive sale had good participation • Interest Rate: • Planned 4.31% • Actual 4.08% • 2004 Bond 4.25% • 2005 Bond 3.77%

  5. Tax Impact • Compared to the initial model: • Total interest cost lower by $1.04 Million • Tax Rate - Lower by one cent per $1,000 AV • Preliminary 2007 Assessed Valuation reflects an 8.5% increase, which is higher than the initial projection. • These factors will keep the district within the tax rate parameters that we committed to when the bond election was held (approx. $4.58 to $4.44 per $1000 of assessed valuation).

  6. Advisors: • Financial Advisor: Joan Egan Sound Finance Group • Bond Counsel: Roy Koegen Koegen Edwards LLP

  7. Questions or Comments…?

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