Scranton School District GO Bonds
NAME: Scranton School District GO Bonds (PA)
BONDHOLDER SECURITY: General Obligation of School District and Insured by National State Aid Withholding
USE OF BOND PROCEEDS: The Series A-D Notes are being issued to refund/refinance a portion of the School District’s outstanding GO bonds, fund capital projects of the School District, and pay the costs and expenses incurred from issuing the Series A-D Notes.
RATINGS: AA- (S&P: stable outlook as of 3/17/17)
Insured: A2 (Moody's as of 3/21/17)
OBLIGOR PROFILE: Scranton School District is a public school district made up of 10 preschool/elementary schools, 3 junior high schools, and 3 high schools. It is located in Lackawanna County, Pennsylvania, and serves 10,000 pupils through the employment of 900 teachers, 324 full-time and part-time support personnel, and 44 administrators.
- State funding has been increasing since 2011
- Local revenue has been gradually increasing since 2011
- A law (Act 85) enacted in 2016 allows the PA Dpt. of Ed. to request available PA General Fund money if needed to make a debt service payment.
- Enrollment has stagnated
- The bonds are insured by National State Aid Withholding
(Source: Official Statement dated March 17, 2017)
Although this information is obtained from sources believed to be reliable, we cannot guarantee its completeness or accuracy. For complete information regarding these bonds, please review the Official Statement, which can be provided upon request. Investing in bonds involves risk including possible loss of principal. Income may be subject to state, local, or federal alternative minimum tax. Offerings are subject to prior sale and market conditions. Bonds are subject to availability and price fluctuations. As with any investment, market values may fluctuate during the period the bonds are held. For specific yield and suitability of this offering, please contact your R. Seelaus & Co. Financial Advisor at 1-800-922-0584. Securities are offered through R. Seelaus & Co. 25 Deforest Ave. Suite 304, Summit, NJ 07901 Member FINRA/SIPC