001to the flag of the United States of America and to the republic for which it stands. One nation under God, indivisible, with liberty and justice for all. >> I would like to announce that Mr. Martin is with us virtually this evening. Yes. >> Yes. Good evening. >> Action items. The next thing on the Oh, well. Can I have approval of the agenda? >> So move. >> Second. >> All in favor? >> Motion carries. Next thing on the agenda is consideration and possible action on the authorization directing an election to be held on May 10th, May 12th, excuse me, 2026 for the purpose of submitting to the voters of Berkeley County School District. All questions connect with a contracting of a debt and issue of the Berkeley County bonds in the principal amount of 115 115,400,000.
002>> Okay. I just want to be sure. >> Thank you, Madame President. Uh board members, uh I want to welcome U Mr. Piery who is our bond counsel who's here with us this afternoon virtually as well as Mr. Joseph Nassiff. Both of these gentlemen have been instrumental in helping craft the bond order that is before us this afternoon. Um I have have three copies because I usually there's a computer in here. Um do would you like to have a physical copy? >> Well, she starts on the screen. Yeah, she's going to show it on the screen here in a second, but we're gonna we're going to wait on that a little bit. Um, so I do have the physical copy. It's also attached to the agenda. Um, but what I would like to do before
003we get into that is just to give an overview of the of the bond projects that are in this order and then be able to answer any questions about the actual order itself if that's okay. Okay. So, um, we're going to actually bring up the PowerPoint and then Leah, um, I'll let you know when to advance if that's okay. Thank you so much. All right. So, um, uh, for the purpose of this presentation, um, I want to be able to go over, you know, this bond call proposal, uh, to for the board members consideration, uh, this evening. Um, I'm bringing forward uh the proposed 2026 bond call for your consideration and approval. Uh, earlier today, board members, the West Virginia School Building Authority formally approved Berkeley County Schools request to partner on this bond, which
004we were very excited about with a $45 million um uh support note. So, we are very excited. uh which allows us to present what we believe is a complete and final proposal to you and ultimately to our voters. Uh it should be noted that this uh partnership with the school building authority is the largest of its kind. Um and no school district has ever had this type of a match. So we are very excited, very pleased and very appreciative of the SBA's partnership on this bond. Um and we want to thank them for their support. But uh this presentation is going to sort of outline the need uh the projects, the financing plan, and ultimately my recommendation to the board to approve the bond call and associated bond uh ballot language. Go ahead. Um when
005we think about our enrollment and growth here in Berkeley County, um as the board knows, we've continued to experience sustained enrollment growth. Between 2010 and 2019, enrollment has increased more than 7% and today we're nearly uh we're at nearly 19,800 students in preK through 12. Um and and as you all recall from our CFP presentations, our enrollment studies yield that we will be gaining uh another 2200 students over the next 8 to 10 years. All 32 of our schools are at at or beyond capacity. We've currently relied on 87 portable classrooms uh districtwide, including an entire seventh grade wing at Martinsburg South Middle School. So, the entire seventh grade class is actually in portables at Martinsburg South and have been for quite some time. You know, these pressures are ongoing, particularly at the middle school
006and high school level. The 2022 bond uh you know, was instrumental in making sure that we were addressing some of those pressures at the elementary level. uh but but we now need to focus on our attention on the middle schools and high schools and they are the primary driver behind the bond proposal before you this evening. So as we think about uh this bond finance plan uh the total project cost for the proposed bond initiative is uh and that's before you this afternoon is 160 million.4 160.4 million. Of that total um 115.4 4 million or 72% will be funded locally through the bond if approved by the voters and 45 million or 28% represents the SBA support that was approved earlier today. The bond election is planned for May 12th, 2026. With today's SBA action,
007we now have a complete and balanced financing plan that is transparent. It's very credible because it's had many uh SBA members taking a look at the the projects. Uh we've made sure that the budgets that we've set forth for the projects are uh reasonable and realistic, especially taking into account inflationary costs, and we're ready to move forward uh so that the board can uh so that the board with the board um and take it to the voters. The first project that um you know is really the cornerstone of uh this uh bond proposal is the workforce development and career technical education center. Uh the project addresses two challenges at once. Relieving overcrowding at our high schools and creating a future ready workforce pipeline. It will serve students in grades 9 through 12, accommodating up to
008800 students and support adult and regional workforce programs. The project uses uh the adaptive reuse of an existing retail site, which we've talked about, um and uh provides flexibility, efficiency, and long-term value. The total project cost is $56.3 million, which would be a contribution of 35 million in SBA funding um or other support and 21.3 million in bond proceeds. Uh and I just want to share with the board that um you know, a lot of people have, you know, indicated as we talk about facilities planning or as I'm out and about that there's, you know, been a longtime discussion over a fifth high school. And as the board recalls, um, that conversation and and that work and input from the community took place over over the fall as we looked at our facility planning and
009amending our CFP. And what we recognized is that with the growth in our high schools, um, that we needed to focus on current technical education programming as well as our capacity challenge. and being able to do both with a new high school would would be in the neighborhood of about $120 million. And so taking a uh creative approach at addressing capacity and the workforce development uh programming needs, this is the best this is this is actually a really solid plan to be able to address both things. And so while the fifth high school is still in the CFP, um this project actually delays the need for that type of capital investment. um for a number of years. So, I just wanted to wanted to share that. Um I I also want to share that there
010is uh over the coming months if the board approves this this um bond language this afternoon um that there is going to be some other announcements uh with partnerships with local industry uh local businesses and and local entities um that we are we are fostering right now and and several of which are near the finish line but are sort of contingent upon what happens today. Um, and we're really excited to to be able to share with the community what some of those partnerships are going to mean, not just for our students, but for the greater Berkeley County community, um, where all citizens are going to benefit from what is taking place in this uh, new CTE workforce development center. The new Hedgesville Middle School is the other large project that is within this bond call.
011Um, this project replaces uh one of our aging middle schools, uh, Hedgesville Middle School with a modern, safe facility designed for growth. The new school will serve approximately 900 students at 80% capacity, will be built on district-owned property, and will include dedicated space for career and technical education programming, something that uh, we want to be able to continue to expand in our our middle schools. Um, and so in scoping out this with the school's vision setting team, uh, this was something that they found to be extremely important was to be able to have a CTE, uh, dedicated space. Um, and some of the programming that they've they've asked for are things like a middle school agriculture program as well as a multi- shared uh shop space with two different program abilities where it can be
012used flexibly with uh things like project lead the way which is a uh engineering type program as well as perhaps even aerospace uh programming for students. Uh again, this investment uh addresses both capacity as well as instructional quality while positioning the Hedgesville area for the continued growth that is occurring in that that area of the district. Uh in addition, um the bond language clearly outlines that um after this the students leave and go to the new school, the existing Hedgesville Middle School uh would be repurposed for uh secondary alternative education programming. So, uh, we want to make sure that our voters and and the Hedgesville community, the people that, um, the alumni, the the the many, uh, community members who walk the hallways of that school know that there is preservation to take place, um,
013and that that the the building will continue to service needs of our school district, but uh, in a different in a different manner. Uh, Martinsburg South Middle School Edition. This project addresses one of our most immediate capacity challenges at the middle school level. Um it adds up to 15 permanent classrooms replacing portable units um that have been there for quite some time uh and that are sort of you know reaching their end of life. So in this again these 15 classrooms make up almost an entire 7th grade um directly impacting more than 800 students uh that go through the the the doors of Martinsburg South each year. It also includes site and safety upgrades. Uh the total cost of this uh project would be 12.9 million with $10 million anticipated from the school building authority
014and uh 2.9 million from the bond proceeds. The uh the next two projects um these are the Musleman High School uh kitchen and cafeteria modernization as well as Tomahawk Intermediate Schools uh uh cafeteria modernization. These projects modernize food service infrastructure at Tomahawk Intermediate School and Muscleman High School. They expand serving capacity, improve efficiency, and better align our facilities with the current enrollment levels. As the board may be aware, when Muscleman High School was built, it was not really built for 1700 students originally. Um, and then, you know, we had seat, you know, capacity challenges. So, there was a whole wing that was added, but what was not able to be updated at that time were some of the common spaces, uh, like the cafeteria. And so, that's what this does. This accommodates, uh, the 1700
015students with improved, uh, cafeteria serving lines and seating for the students. I'd also like to note that at Tomahawk, the same same challenge exists. We uh, just recently added 10 classrooms. um permanent classrooms replace portables that we use general funds for and these cafeteria improvements are necessary to support that growth at that school as well. So expanding uh the capacity of the kitchen and then of course expanding the seating um as well. We also have um the the next two projects are Rosemont Elementary School and High School. These projects replace portable classrooms with permanent instructional space at Hedgesville High School and Rosemont Elementary School. Uh, you know, I hope that as the board reflects upon these projects, one of the things remains consistent and that is a majority of these things are are putting money
016and improvements directly into our classrooms and our buildings. um they improve safety, accessibility, learning conditions for students while also reducing long-term operational inefficiencies associated with our portable classrooms that that we all we all know exists from year to year. The uh next project is the Spring Mills campus road improvement. Uh this project focus on improving traffic flow, access, and safety um at the Spring Mills campus, which we all know we have four different schools on that campus. Uh this continues to uh which continues to this area continues to experience significant congestion during peak arrival and dismissal times. Uh the bond authorizes a range of roadway site improvements including dedicated turning lanes and possibly the extension to campus drive to provide alternative access routes. Most importantly, this project is structured to allow flexibility. Bond funds may
017be used to satisfy local matching requirements for applicable state and federal road improvement grants. If additional grant or external funding becomes available, the scope of the work could expand to include that secondary campus entrance or other traffic improvement patterns. This approach allows us to address immediate safety concerns while also positioning the district to leverage outside funding and maximize the amount uh the impact of this investment over time. Finally, we have um uh improvements to uh HVAC as well as several athletic improvements. These projects address essential facility needs across the district. At Martinsburg High School, we need to replace outdated HVAC systems um that have reached their their end of life. This will be the final sequence in taking care of the HVAC um replacement needs at at Martinsburg. Um and then would allow us if
018uh funding would become available later on to um continue to uh transition Martinsburg High School's other systems over to um geothermal. Uh the proposal in the bond though is just to replace those those rooftop HVAC units that have reached 25 plus years of life. U at Muscleman High School um we proposed to be able to improve some of the athletic facilities including the girls wrestling locker room. Uh, you know, one of the things that we're so proud of is that we have um a tremendous amount of diversity with our student athletes and the programs that they participate in. Um, and so while our boys have a wrestling locker room, we also want to be able to ensure that our our our um Appleman Apple women if you will, uh, Appleman ladies have um a commenserate
019wrestling locker room as well. In in addition, the press box at the football field has is in huge need of of replacement. And so this would also cover a replacement for that press box. You know, these are really, you know, targeted investments that extend the useful life of our existing facilities and allow us to u make sure that we're we're taking care of the the major needs within the school district. Uh so board members, in summary, the 2026 bond proposal is designed to address enrollment growth and capacity, improve safety in modernizing our learning environments, and support career and workforce readiness. With the SBA's approval earlier today, we now have a complete and balanced proposal. The bond call and ballot language before you, I believe, to are transparent, they're responsible, and they're aligned with our long-term
020facilities plan. Based on this, uh, I am recommending that the board approve the 2026 bond call and the associated bond language, allowing us to place this proposal before the voters on May 12th, 2026. I want to thank board members for your continued partnership, and I want to thank the community for their partnership and leadership on behalf of Berkeley County Schools. >> Questions for Dr. Sh? >> Mr. Yes. Um, first I think we should send a thank you notes on by each of the board members to the SBA to Senator Barrett and other people that have been working. The governor's office, I believe, is involved in this record setting $45 million approval to put on our bond. Um the other thing is that Hedgesville Middle will als not only replace the existing middle school but it'll
021also alleviate the overcrowding of Spring Mills Middle. >> Good point. >> Just as we did with the falling water school, which will alleviate the overcrowding at the Spring Mills primary. Uh uh could you explain back to the slides? I know I know it's not as concerning but the concept on the Hedgesville build >> sure that that concept for Hedgesville Middle School is um actually if I'm correct uh those were just those were just concepts of whether or not we would do like a a onetory or even let's say a a threetory for example. Those are not concrete. Those are not proposed. Um it was trying to uh focus in the when the architect had provided these. It was because we were looking at learning pods, learning neighborhoods and some of the conceptual middle schools we
022went to when we uh the visioning group really liked that idea. So this is just to be able to show that with what they currently have, which is kind of a hodgepodge of grade levels in different places, we would be able to have something that's very unified where it will be dedicate say dedicated sixth grade areas, seventh grade areas, eighth grade areas, surrounding areas that would be more common spaces like cafeteria, uh gymnasium, library, media center, and perhaps like the CTE programs that all grade levels could participate in. Um and so these are just examples of of how that could look. Um but they require a lot of refinement. >> Okay. Um in in your statements there about Tomahawk's classroom, I think I may be wrong, but I think that the Tomahawk classrooms were on
023the bond call. I I just >> I will double check that. >> Yeah. I mean before we talk about >> Yes. Make sure >> and finally and this is not part of the bond cult but we used to have >> I'm sorry the question is was Tommahawk out of the bond was it a bond project or was it >> somebody bond >> for the classrooms of my >> I thought it was >> yeah I think we had the sign out there. >> Yeah. It's a bond. >> Okay. I apologize. Thank you. That's an important clarification because that means that the the voters supported that. >> I think there were some some projects other stuff that we had to do there that came out of the general fund. But there was but the but the classrooms
024specifically >> were the bond. >> Yep. Yeah. I just I just wanted to make sure we had our message. >> Yeah. Um, something that we once had that I don't know if we still have it or not was adult and community education planned by Janette Sites and recall and that had the community involved in our school after hours. It wasn't our instructors. She organized all the instructors and the fees and everything. And I was just wondering um uh if we could explore disc for you you and the senior staff to discuss that possibility because we have a lot of resources. Now, I know that we work with parks and wreck and a lot of the physical activities and I know in my last meeting we approved a lot of parks and wreck utilization of our
025gymnasiums permit but um if we could uh talk and explore the possibility of reestablishing an adult and community education seeing if it's already in the community in some other form or not but uh I I think that would be a a point that when you get the community into the school, the school feels more ownership. >> Well, in regard to that, that's why what I remember is why the adult community education um or the community kind of went another route because of works in there, because of gym and things like that. So, those classes kind of u >> Yeah. But >> the the phys yoga and those kind of things are offered to parts of >> and they're in our schools which is good. >> Yeah. >> I don't want to but but the things
026like arts, crafts, ceramics, um uh book studies, a lot of a lot of things a lot of things. actually had a very good program and uh uh I I just think that I was just sitting here thinking about how do we get the community into our schools and that that was a wonderful way of doing it. >> I think um probably u Mr. How can I expel that? And the reason why we don't have those I remember. >> Well, we do have some programs. Yes. Um that's because is if you if you recall Edwin Miller is where our adult learning center is. Um that's for GED type programs. And um what I would say though is is that I think that the CTE workforce development center is going to open up a new um area
027of of ability for us to offer that type of programming. And it directly aligns with where my vision is also um is is that we have daytime programs for K through or for 9 through 12 students and then we are able to operate the facility in the evenings for adult type programs that could either be dual enrolled through through um Blue Ridge or their their community programs that just foster um you know a sense of of honing a skill um that that uh that could be and I really think that the CTE center would become more of a community hub for things in the evenings um uh with what we're what we're hoping to accomplish. And so your vision is is spot on with where I'm hoping that we can take it. >> I I
028I beg to agree with vision, Steve, but I don't want to see us forget the arts, >> literature. You have a lot of of people interested in book clubs. Of course, celebrity might do with some of that, but uh u I'm an old orcs advocate and I think um that would not be part of the CTE thing. >> It could be all part of the I think it's it's the location of where we could still think there those times to meet, >> but we have art centers in our high schools and middle school. >> Yeah, of course. Yeah. >> Okay. I just I just think that there's a uh something that we once had that we've kind of lost sight of. We still haven't in part, but I think that we could expand that. And
029once again, when we're selling our schools, the best way to sell them is to get to people. >> That's exactly right. Yeah. >> All right. Thank you. >> Thank you. I think it'd be good for our face to our face coordinator to work with CTE um on those types of those types of initiatives. But by thinking about like the community like the the book clubs and literature clubs and those sort of things that could definitely be something that we we do as outreach >> um because those clubs also might want to take what they do in their club and bring it to schools and enrich kids opportunities as well. So >> other question >> I'm still aligned with your vision. I like it. >> Good question. Other questions? >> So today we're just going to
030adopt the levy call so that we can get >> I mean the bond call. I'm sorry the bond call so it's it's in proper the calendar mode to keep on. >> Right. So u Mr. Piery's with us. Mr. Mr. Piery, could you share with the board um once they consider my uh uh recommendation to approve this ballot language, can you walk them through what the next steps are so that they they sort of know what happens from here? >> Sure. Good afternoon board members and thanks Dr. Sax. So, um, that's exactly right. That today, uh, for consideration by the board is an order that actually calls for the election to be held on Tuesday, May 12th, 2026. And that's the primary election. And so, the question before the voters, if adopted today by this board,
031would be the issuance of the bonds and the incurring of the debt in the principal amount, the aggregate principal amount not to exceed $115,400,000. And so this is among other things a parameters order uh that sets the parameters for the bonds. So we just discussed the maximum principal amount but also would note that the maximum interest rate permitted for such bonds would be 5 and 12%. So we would hope that the interest rate comes in much lower than that on the day of sale. But that is the maximum interest rate at which the the board could issue bonds at that time. And then the maximum term of the bonds that is how long the bonds will be outstanding. And that term, maximum term is 15 and 3/4 years. And so the reason we have that
032threequarters, we expect these to be 15-year term bonds. But it's to allow for any lag in the calendar as it relates to the semiannual interest payment uh to make sure we, you know, we can fit that 15-year term bond into whenever the time they're issued. And so, of course, there's more to this. There's a form ballot. There's a description and approval of all the projects that that Dr. Saxs just went through. Then there's the other constitutional issues and state law issues. Um the one thing I I would want to mention as well is that in the ballot itself which largely tracks the form of the order there are the estimated maximum levy rates in connection with this issuance. And so that means at that aggregate principal amount at that maximum interest rate and at that
033term uh the maximum or the maximum levy rates for the bond would be expected be for class one property 5.16 per $100 of assessed valuation for class 2 that's 10 uh 10.32 cents and for class 3 and four that would be 20.64 64 cents. And so I know there's been a lot of discussion at prior meetings about how that relates to uh existing bonds and prior bonds. And so that is also um those those proposed or maximum estimated levy rates are also considered and and hopefully approved by the voters. And so um there's a lot more detail here. I'm happy to answer questions or go into the more detail. Um but today that is the order that is before the board. Now the next steps would be of course the primary election. Um that's when
034the voters will have a chance to weigh in on this as well. And then if approved by the voters, uh the next step would be to uh adopt a uh an order and resolution directing the issuance of bonds with the actual form of the bond, the the principal amounts for each maturity, um certain other forms and approvals that are necessary by state law. And then we're, you know, there's there's obviously work to do, but we're kind of in a waiting game till we get to the SBA funding cycle, uh, to see what the resolution of that um, uh, what I understand be support in the amount of $45 million from the SBA today. And of course, that is very big news and very welcome news, but the formal commitment will will not come until a
035later meeting. So that will be important to the timeline. Um also while all of this is occurring there's an attorney general process in which we submit the record of proceedings to the attorney general's office. They approve as to form and if so approved um there's a publication requirement that we go through. But after all of that we prepare what's called a preliminary official statement which is the key disclosure do document and and in in some ways a marketing document to investors of bonds that will be publicly disseminated and posted. Um then at that stage we'll be prepared for Joe and his team to conduct the competitive bond sale which occurs electronically and then uh we'll have a number of potential investors to award on the best terms. Um and at that stage it's a matter
036of a few weeks later getting all the closing documents and issuing the bonds. And so we expect that to be sometime in 2027 the issuance date. Um it seems like a long way to go and a lot of important steps in the meantime, but today is really a culmination of a lot of hard work by uh this board, the superintendent and staff and the professional teams. And so uh I'm happy to answer any questions that that the board may have. >> Questions for Mr. >> I remember the bond rating process. I guess that's to the other gentlemen that my question will go to. that um we we received a very high bond rating. What was the maximum possible rating and where will be? >> And what's the possibility? Everything looked good from here on out
037if this bond would be passed by the voters. Three questions >> looking right now. Um, I mean, we would u expect a very strong rating again on these bonds. I'm trying to pull up the offering document. Thanks for bearing with me. >> I thought it was an A+ read. >> It was good. So you had a um s you had an S&P program rating of double A minus. You had >> a a Moody's underlying rating of double A3. And that Moody's double A3 rating I believe is the first underlying rating that Moody's has assigned to any board of education in West Virginia. A very strong rating. uh SNP's underlying even though the program was a double A minus uh very that's a a similar rating to a double A3 for Moody's underlying was an A+
038uh because of the way S&P reviews um the the you know the the the uh board of education credits in West Virginia. Probably most importantly again the investors will look to the Moody's A3 as the senior rating standard and pores program rating of double A minus based on the municipal bond commission's role right in the uh setting the levies each year in that process. So um yes this would be uh the first and one of the strongest um rated bonds in in West Virginia for board of educations. we wouldn't expect a change. However, you know, that is something that as we as Tom was saying, Tom Piery, um we would be it wouldn't be till 27, right? That early 27 we going going forward after we get AG approval process with a a upgrade, not
039I would say an upgrade, but a kind of a refresher on your ratings with Moody's and with standard and pores. Um and so you know depending on your audit that will be completed around that time frame. There'll be another audit. Um we at least at this juncture we would expect that you'd be able to maintain those ratings. Our goal would obviously to see if we could strengthen it but those are very very solid ratings that A3 from Moody's standard pores double A minus. So I don't know if that answers your question but >> yes it does. and just we're getting ready to work on a budget right now. Is the rating system over several years or what your behavior has been lately? cuz we'd have to keep this in mind when we're working with a
040budget. >> Um yeah, I think they they're going to look at your the history, but there you know there there is a story obviously behind um you know one one year's audit to the next and then you know moving forward with your budget etc. So, um, I haven't taken a look at what, you know, where between now and when we we submit this in January, February of next year, what your cash positions are and other types of of items. But I would I would say here that again, I think some of this will be carving out a good story um for not just the current year you're in, but moving forward, right? Goals and priorities of the board. So, um, again, I wouldn't expect a lot of changes here unless there's like a significant change
041related to, you know, some of the the key metrics that they're looking at. And, um, be certainly happy, right, as you're working through your budget to take a look at some of those metrics with you all if you'd like like me to do that. I know you're heading into your budget cycle right now, but ultimately you'll have to budget with, you know, you're going to have to move forward with your priorities and our goal then as your financing team is going to be to present that credit in the most favorable light. Um, so, but I'm happy to look at some of those if you'd like me to. As you set your budget, we can get an internal analyst to kind of review where that is in relation to the 2023 issue. something that actually maybe
042uh Jim Buts, you know, your treasurer might be able to even >> that might be a conversation I could have with him. >> I think it would be a better conversation. >> Yeah. Yeah. I >> just want to make sure >> there was just a little twitch or turn here that we could do to jack that up even more. >> Yeah. >> We're not changing the levy rate. Uh, real quick, Tom, you know, from, you know, we've really taken a look at at that time in 23, you had an outstanding bond, right? The 20s that were refunding bond, uh, those have paid off and now we're issuing a new bond. I I just wouldn't expect a lot of changes, you know, in terms of what's being levied for for your bond and ultimately the impact
043on your credit. But we would need to just uh at that time kind of do a full review of your financials and we're happy again take a look at that with Mr. Buts. And Joe, I was just going to add, you know, you and I do a lot of this work across the state and Berkeley County is uniquely positioned there. There are not many counties in the state of West Virginia for a variety of factors that um would would even go for these underlying ratings and certainly not uh what we'd consider these these great underlying ratings. A lot of that is because of your strong financial position, uh the board stewardship of the the county's finances, u demographic trends, enrollment trends, and and all the other factors that go into that. Uh but but you
044should feel very good um that you obtained these ratings in the past and as Joe said, you know, we can't predict the future of how these rating agencies are going to act, but I would expect uh good news to come in that in the coming year. >> Tom brings up a good point. >> Yeah, Tom brings a good point up that demographics and the economy play a big role in your rating. Those are very positive trends. Your assess valuations have been going up. You have good employment numbers. um you've been growing as the county. Um these are things that are much more difficult to sell in other counties. Um and so the story we told then I would just anticipate a continuation of that and maybe in some ways you have a kind of a
045stronger you know tax base now than you certainly did back in 22 23. So >> is there a possibility to even get a better rating? I mean I know that's excellent. >> Yeah. Yeah. Well, um the state based on the state's rating of, you know, uh and their under the the S&P framework of AA minus, there's never been a bond issued kind of higher than that for a school board underlying. So, the question would be on Moody's the A3 since they're going to look at you all a little bit more independently of the state. Could they go to a double A2? you know, um I think some of that will be dependent on how um you'll be entering into a category of Berkeley County schools and they're not comparing you at that juncture with West
046Virginia. West Virginia schools are going to be looking at Pennsylvania, Florida, California districts. Who are your peers out there? How do your metrics kind of line up with theirs and your ratios and statistics and the like? And so that's a bit excellent question. And I think that would be our goal would be to bring show that we've had um improvements since 23 if that's the case right when we first came forward to them. And the hope would be maybe that Moody's would um upgrade because Moody's would be our best chance here. Upgrade your rating from a double A3 to a double A2. But at this juncture, um, you know, being in the double A category and underlying based on your credit on the school district is really a very that's a very significant um rating
047compared to other school boards in West Virginia. >> And Joe, to that point, I mean, a double A3 um at least for Moody's, there's only three rankings higher than that, right? And so you're at the upper end of all debt, not just schoolboard debt. And so that's important context and of course we're always put the the board's best foot forward and and do our best to improve that rating but uh it's a very good one. >> Yeah. >> Thank you so much. >> Sure. >> Questions for Mr. Percy, Mr. Nassiff, Dr. Saxs hearing none. Um >> I have one. Oh, >> I just was making sure I u had the correct wording and I it's not for either of these gentlemen. It's more for Dr. Saxon, Dr. Skoolie. We've come to the public for a
048bond issuance several, you know, just within the last few years. We're coming with them again very, very soon with another one. I know I've asked this before. I know what the answer is. I just I want to make sure that everybody hears it again because I know that we we haven't talked about it in a while. Is there the um thought that we are going to next two to three years possibly have to come to them again for another bond. I'm I I know that there is less appetite for continuing to have to come to them for another bond after another bond after another bond. So I'm just trying to as some of that consternation that that could be there for ever growing tax amounts even though it's small amounts here and there those small
049amounts can grow and grow and grow. So that's why I'm I'm kind of taking that that shot before they ever get there because I know that that that question is going to come at us. >> I think we asked that once before and Dr. I know that's why I said I know I've asked it before but I'm asking it again because there is >> we all have concerns of that >> people have short-term memories >> and in my opinion um we don't know that but we would hope not to have to come as soon as we have this last time but Dr. Sax probably answer that better than >> Yeah. And I'm uh I'm going to answer and I'm actually going to see if Mr. NASF can also chime in a little bit because he
050has some context over the the terms that we have on our current bonds also. But, you know, one of the reasons that we want to be able to come back to the voters to consider this bond measure is because when the the last bond was approved in 2022, >> there was in existence another bond uh that built the Spring Mills properties and that bond since 2022 has expired. Um and so Berkeley County, you know, um you know, had a pattern of uh you know, of having two bonds concurrently. And that's what this sort of does is it would still allow for two bonds to be run concurrently that um goes back to trying to get as close to what the voters had approved or authorized in 2022 for their tax rate. Um but in looking
051at our CFP, we won't be looking at revising our C CFP until the year 2030. Um that would be when we re reestablish our 10-year C comprehensive educational facility plan. Um and the 2022 bond um will have, you know, now be eight years old. Um, and I believe that one was another 15-year uh, bond measure, but um, I would not anticipate going back to the voters probably well into the the like 2034. Um, even at that point, I'm not sure. But the reason I wanted to ask Mr. Nassf is Mr. an asset. At what point does it become reasonable to refinance like for example the 2022 bond uh to be able to refinance that perhaps because the market rate conditions in 2032 or 34 to be able to add some projects on there and get
052a little bit more life out of that loan. Um you understand what I'm asking? >> Yes, actually I do. So I understand actually both questions and so it's a that's an excellent question about you know when would you be able to go into the market again uh knowing you have two bonds outstanding. You don't want to have to have three bonds outstanding. That 2023 bond uh actually was approved in 22 uh superintendent bonds were issued in 23. They mature in 2038. um in 20 33 in that range um I believe the bonds would be callable. Those bonds could be refinanced in 33 which could could give us some options related to um looking at that debt at that time. It could be the way the bond commission levies uh for your payments surpluses build up
053over time if you remember and 10 years from now there'll be a significant monies in that surplus funds because if they're levy for 115 or 110 and they only need 100% to pay the bond that additional amount goes into your surplus it could be at that time that there is enough monies to allow you to shorten the existing maturity. So if we had looked at 2038, you know, there may be some options to shortening that one or two years, 2036 at being the final. Um but it does bring up a good challenging question like you had said if you're you know going looking looking at maybe doing your next major upgrades in 2030 you know you still may be or at least your plan you still may be five or six years away from getting
054one of those bonds paid off. Um however again your assessed valuations continue to grow and that continues to reduce the levy rate over time and it creates brand new capacity. So it may be when we come back to you all assuming that we're all um still working in our capacities. It could be that there are some options as you near the the maturity of that 23 bond. you know, in 2000 when you when you get to that point in 2030 and start doing your planning where there may be some options there to so to kind of bridge that a little bit better, but it is a little bit awkward in that regard. >> Mr. Cass, I apologize, but that would not necessarily be a bond measure that we would go back to the voters on
055when we refinance. Is that right? >> I just Yes. If Joe that one um you would not need to go back for a refunding that would save on on debt service payments or reduce the term of the bonds. Um what you cannot do in a refunding without going to the voters is increase the outstanding principal amount of those bonds or extend the maturity of those bonds. And I don't think you're suggesting that's what you would do. But I just want to be clear to yeah to to refinance or what we call to refund the bonds there would have to be a component of debt debt service savings and and you know that that's really dependent on the interest rate environment at that time. >> Well do that would be to get a lower interest rate
056and our interest rate for that bond was really excellent right >> there would be two reasons to do it. One could be savings right lower rate. The other reason is that you have a big pool of surplus monies that's restricted and you want to use that to try to pay that bond down a little bit early >> and this kind of addresses the question of when exactly can you go into the market for that third bond issue and I think that's something that we could address >> as you get closer to the point where you are looking at that and again I don't want to discount that your assessed values continue to grow every year so when you look at your you know where the taxpayer burden is um which should be you know if
057your values are going up the you know the tax burden is going down for the taxpayer just like this one as we looked at it we will have opportunities at that time to look at well in 20 you know 26 what did the voters approve how did they look at their tax burden um are we prepared to kind of go out are there ways we can structure this the new bond issue that you want to do in order to keep that burden, you know, consistent or low, you know, to the >> Yeah. And Joe stated it differently because that's a great point. At sometime in the future, call it six, seven, eight years, there may be an opportunity where even if there are three bond issuances outstanding, and I don't want to get ahead of
058ourselves, but the total taxpayer burden per taxpayer is actually less than it was initially with with two. And that's because of the growth of assessed values. And so again, those are all, you know, there's a lot of variables at play there, but it it is certainly something that we could we could assess and look into at that time. >> Yeah. >> Well, what I don't want is anybody listening to this to think that in >> eight years or whatever, we're going to go after. So, we need to make that clear. >> Correct. And I think that's and I think that's more of what I was concentrating on is that in the next two years, we're not going to look at them and go, "Hey, we need another, you know, we're looking to do another bond."
059It's we're not we in from where we're sitting right now, we do not see that in the foreseeable future in the next two years. We don't see that. One of the things, one of the >> factors you have to keep in your awareness is that right after 911 of 2001, we had a big surge of growth because people in the Washington DC Baltimore area were moving in this area to get out of the metro area after the terrorism attacks. uh they're just trying to get the families out and the and the people who were employed down the city just started commuting from this area rather than being live having exposed exposure of their families to other terrorist attacks. So there are factors sometimes that these gentlemen can't anticipate that could that that you we could
060as Berkeley County because we're now in part of the metropolitan area see a rapid another rapid surge of growth and um >> we have we haven't seen highrises in this area yet >> where you have a greater density but but uh but All things being equal, no, we don't anticipate >> yes >> a thing. But you have to keep in mind that happened to us back in 2001, two, three, >> and it was be it was just because of factors that we nobody could have anticipated. >> Well, and we don't have a crystal ball. So, we're sitting there saying those things, but that it's not our >> um thinking process that that would occur. >> I interrupted one of them. Sorry. No, I'm finished unless there's additional questions. Thank you. >> Any other questions for
061Dr. Saxs, Mr. Percy, Mr. Nassa? I think that we should get a one of you gentlemen, I don't know which one said, but uh that just the fact that West Berkeley County had the highest rating from Moody's, we should get something in writing as part of our promotional material with the sale of this promotion of this bonds. Yeah, I definitely have written all that down and we talked about that before in our >> presentation. So, >> should be in our literature. >> Yeah. >> Any other comments or questions? >> Discussion. >> Hearing none. I have a motion to open. Sorry, I saw that about on the screen. >> Can I have a motion to approve the um um language that I mentioned earlier about possible action and putting this on on the May 12th ballot,
0622026 ballot? >> It was knitting it to the vote. Second. >> All in favor? I >> oppose. Motion carries. Now, uh, could I have a motion to adjurnn? >> Are we okay with everything else? Dr. >> Any other questions? >> We have to put this on the paper advertisement or something. >> Oh, there's Oh, go ahead. >> I was saying I have to take the sign copies to county tomorrow. >> Yes, they have reached out to us wanting to know. >> Okay. Yeah, the short answer is yes. We'll send it to county clerk and then it will appear on the county commission. the county commission has to authorize the ballot and all that sort of stuff. Um, so there's a a litany of things that occur over the next uh 90 days in preparation. So
063>> So that's exactly right. And we can assist with that process as well. >> Thank you. >> Yeah. >> Okay. >> So our motion covers all of that, Mr. >> Okay. Um, anything else? I don't want to go away from here if anyone has questions. When when's the next budget meeting? >> Well, the next budget meeting is the 19th or the 16th, isn't it? >> Um, >> we don't have it planned yet. >> We will discuss that next week. >> Yeah. Well, what I would say is that probably Jess and I will work with you to try to get some of those. Yeah. >> Finalized. Yeah. And don't forget, they offered to tell us some things that might enhance our moody. >> Oh, yes. Yes, >> we have. >> Anything else? >> Thanks, Mr. Mr.
064Martin. >> I am good. Thank you, >> uh, there's no other questions or concerns or uh, anything else to discuss. May I have a motion to adjurnn? >> Second. Second. All in favor?