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Bond Rating Money

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    Posted: Oct 06 2014 at 11:16am
Journal story...

Officials meet with credit ratings agencies

MIDDLETOWN —
Middletown City School District officials recently met with credit ratings agencies in hopes of receiving a high bond rating in preparation of selling $45 million in bonds.

Superintendent Sam Ison, board president Marcia Andrew and board vice president the Rev. Greg Tyus, and other officials met with Standard & Poor’s Inc. and Fitch Ratings Inc. They discussed the district’s finances, history and traditions in hopes of receiving an A rating to complete phase II of the district’s master facility plan that includes remodeling Middletown High School and building a middle school on Breiel Boulevard.

According to school officials, they told the agencies the district has a diverse, stable local economy; sizable property tax base; exceptional voter support; urban core with excellent results in educating a challenged population; active board of education and administrative management; district finishing financing the master plan with state matching proceeds; and strong financial management with increased oversight and budgetary review.

IS THIS DESCRIPTION OF WHAT THEY TOLD THE AGENCIES ACCURATE? DO WE REALLY HAVE A "STABLE LOCAL ECONOMY" OR DO WE HAVE AN ANEMIC, LOW REVENUE, LOW REVENUE SOURCE SELECTION ECONOMY IN THIS CITY?

A "SIZABLE PROPERTY TAX BASE"? ANYONE AGREE WITH THIS STATEMENT? I'D SAY LIMITED PROPERTY TAX BASE BASED ON THE NUMBER OF FORECLOSURES ON PROPERTY, NUMBER OF DESERTED PROPERTIES, AND THE NUMBER OF COMPANIES THAT HAVE EITHER CLOSED SHOP OR LEFT TOWN AND THE BUILDINGS ARE STANDING IDLE. HOW ABOUT ALL THE RETAIL THAT HAS LEFT THE CITY AND NOT BEEN REPLACED?

"EXCEPTIONAL VOTER SUPPORT"?????? THIS BOND LEVY FOR PHASE II ONLY PASSED BY 23 VOTES ON THE RECOUNT. ISN'T IT A STRETCH TO CALL IT EXCEPTIONAL AS TO VOTER SUPPORTER? I'D CALL IT BORDERLINE, 50/50 SUPPORT TOO CLOSE TO CALL SUPPORT TO BE ACCURATE.

"URBAN CORE WITH EXCELLENT RESULTS WITH EDUCATING A CHALLENGED POPULATION"? SERIOUSLY? I AGREE WITH THE "CHALLENGED POPULATION" (54% POVERTY ACCORDING TO ADKINS) COMMENT BUT EXCELLENT RESULTS? THEY'RE KIDDING, RIGHT? ALL YOU NEED TO DO IS CHECK OUT THE SCHOOL PERFORMANCE GRADES. TAKE YOUR PICK ON GRADE LEVELS AND CATEGORY. IT IS WHAT IT IS.

"ACTIVE BOARD OF EDUCATION AND ADMINISTRATIVE MANAGEMENT".... BUT ADD, PRODUCING NO UPWARD TREND IN THE EFFORT IN YEARS. IE....BUSINESS AS USUAL PRODUCING RESULTS AS USUAL WITHOUT A GAME PLAN TO ALTER THE CONTINUING PLAN OF LOW PERFORMANCE FOR HOW LONG NOW???

THESE AGENCIES NEED TO CHECK OUT THE VALIDITY OF THESE STATEMENTS MADE BY THE MIDDLETOWN SCHOOLS BEFORE THEY APPROVE THIS. HOPEFULLY, THEY WON'T TAKE THEM ON FACE VALUE AND HOLD THEM ACCOUNTABLE FOR THEIR STATEMENTS.

IT WOULD APPEAR TO BE A CASE OF EMBELLISHMENT.
I'm so proud of my hometown and what it has become. Recall 'em all. Let's start over.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote VietVet Quote  Post ReplyReply Direct Link To This Post Posted: Oct 06 2014 at 11:37am
One more item of discussion in the same article....

Long said the middle school will be located on the south side of the high school. As people drive by the high school, Long said, they see the Manchester School roof

NOW WAIT A MINUTE. THIS CAN'T BE RIGHT. THE PLAN BEFORE THE LEVY WAS TO RAZE THE MANCHESTER SCHOOL AND PLACE THE MIDDLE SCHOOL IN THAT LOCATION, RIGHT? THAT WOULD BE ON THE NORTH SIDE OF THE HIGH SCHOOL, NOT SOUTH SIDE. THERE IS A HOUSING DEVELOPEMENT ON THE SOUTH SIDE OF THE HIGH SCHOOL. HAVE THE SCHOOL PEOPLE CHANGED THEIR PLAN AFTER THE LEVY PASSAGE OR IS THIS JUST AN ERROR BY GEORGE LONG?
I'm so proud of my hometown and what it has become. Recall 'em all. Let's start over.
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