Treasurer outlines $15 million bond‑anticipation note, tax-exemption win and bond millage update
December 13, 2024 | Grandview Heights Schools, School Districts, Ohio
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Treasurer Beth reported the district’s finances are on track and outlined short‑term financing to support facility planning. "Our general fund is right on track," she said, and noted interest for the month was $56,058.13 (about $380,000 year‑to‑date).
On capital funding, Beth said the district sold the first installment of bonds and has executed a $15,000,000 bond‑anticipation note to provide short‑term funds for architect and owner's‑representative planning and related preconstruction costs. She said the note will be repaid from bond proceeds expected when the district issues long‑term bonds late next spring.
Beth also announced that the Ohio Department of Taxation approved a property‑tax exemption for the stadium property after a reappraisal had sharply increased tax liability; the district expects refunds for the prior three years. Regarding millage calculations, she said the county auditor’s calculation will lower the millage on the 2018 bond levy from 3.25 to 3.00 mills for 2025 and that the district is using a little over $1,000,000 of Grandview Yard funds to supplement the 2018 bond levy in its model.
Why it matters: the bond‑anticipation note provides cash to keep design and planning moving forward ahead of long‑term market timing; the tax‑exemption decision reduces operating tax liability on the stadium parcel and produces retroactive refunds. The board did not take new borrowing votes at the meeting; the treasurer flagged bond timing and the need to follow the tax‑budget and bond‑issuance calendar.
Board members asked how the district plans to invest proceeds from the short-term note; Beth said the funds will be deposited on a scheduled date and invested with METR Investments. She also walked the board through IRS rules related to tax‑exempt debt and investment earnings.
No formal bond issuance vote occurred at the meeting; the treasurer’s report is meant to inform the board ahead of formal borrowing actions.
On capital funding, Beth said the district sold the first installment of bonds and has executed a $15,000,000 bond‑anticipation note to provide short‑term funds for architect and owner's‑representative planning and related preconstruction costs. She said the note will be repaid from bond proceeds expected when the district issues long‑term bonds late next spring.
Beth also announced that the Ohio Department of Taxation approved a property‑tax exemption for the stadium property after a reappraisal had sharply increased tax liability; the district expects refunds for the prior three years. Regarding millage calculations, she said the county auditor’s calculation will lower the millage on the 2018 bond levy from 3.25 to 3.00 mills for 2025 and that the district is using a little over $1,000,000 of Grandview Yard funds to supplement the 2018 bond levy in its model.
Why it matters: the bond‑anticipation note provides cash to keep design and planning moving forward ahead of long‑term market timing; the tax‑exemption decision reduces operating tax liability on the stadium parcel and produces retroactive refunds. The board did not take new borrowing votes at the meeting; the treasurer flagged bond timing and the need to follow the tax‑budget and bond‑issuance calendar.
Board members asked how the district plans to invest proceeds from the short-term note; Beth said the funds will be deposited on a scheduled date and invested with METR Investments. She also walked the board through IRS rules related to tax‑exempt debt and investment earnings.
No formal bond issuance vote occurred at the meeting; the treasurer’s report is meant to inform the board ahead of formal borrowing actions.
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