Hemlock Public School District proudly announces that Moody’s Investors Service has upgraded the district's issuer and general obligation unlimited tax (GOULT) and general obligation limited tax (GOLT) ratings to Aa3 from A1. Additionally, Moody’s assigned Aa3 underlying and Aa1 enhanced ratings to the district’s 2024 School Building and Site Bonds, Series III, amounting to approximately $11.7 million.
The ratings upgrade underscores the district's robust financial health, characterized by strong fund balances and cash reserves and a thriving local economy bolstered by significant industrial growth.
Matt Wesener, president of the Hemlock Public School District Board, said, "This rating upgrade is a testament to our district's unwavering commitment to fiscal responsibility and strategic planning. Our community can take pride in this achievement, as it reflects our collective dedication to ensuring a stable and prosperous future for our students."
Moody’s highlighted the district's effective budget management and anticipated enrollment growth, driven by larger incoming classes. The presence of a major semiconductor plant, poised to introduce over 1,200 high-paying positions, further strengthens the local economic landscape and benefits resident income levels.
Superintendent Dr. Don Killingbeck remarked, "The enhanced credit ratings not only validate our financial stewardship but also position us favorably as we embark on significant infrastructure projects. The proceeds from the Series III bonds will finance vital updates and improvements across nearly all of our buildings, including the addition of a performing arts theater, a gymnasium, and turf for our football field. These enhancements will enrich the educational and extracurricular experiences of our students for years to come."
The Series III bonds represent the final phase of the tax-neutral renewal that equates to approximately $42M GOULT bonding authority approved by district voters in 2022. The district's commitment to maintaining fund and cash balance ratios above 30% and managing long-term liabilities ensures continued financial stability.