MORRIS - Morris Community High School District 101 will be going out to bid for $1.7 million worth of working cash bonds as it has for several years.
The board approved adoption of a parameters resolution on the $1.7 million worth of bonds it intends to issue to increase the district’s working cash fund.
The district has issued bonds to maintain sufficient funds to handle all operational costs in the second half of the school year, Superintendent Pat Halloran said, since the Collins Power Station closed in 2005.
Halloran said the Moody Investment Service rating was maintained at A2, which it was downgraded to last year after holding an A1 rating for several years.
"The Moody rating was maintained at A2, and we will be going out to bid now for the bonds. We should know by Jan. 18 who got the bonds in the sale," Halloran said.
The purpose of Moody’s ratings is to provide investors with a simple system of gradation by which future relative creditworthiness of securities may be gauged.
Grades A1-A3 are all considered by Moody to be upper-medium grades and a low credit risk, according to moodys.com.
Halloran said the bonds will be sold to help the overall operations of the school.
He believes the Moody Rating was maintained because of the equalized assessed valuation (EAV) growth seen locally over the past two years.
The board also set the commencement date for the class of 2017 for May 19 at 7 p.m., to be held at the high school.
In other news, the Morris Community High School was recognized for its base camp partnership with ComEd and was given an award by E.J. Wilkie, who represented ComEd.