In November, 2003 Rittman voters approved a $9,500,000 bond issue for improvements to the District’s elementary school. In advance of that election, Sudsina & Associates was engaged to assist with the underwriter selection, to guide the rating process and to oversee the ultimate pricing of the bonds. Three investment banking firms proposed and were interviewed. Fifth Third Securities was ultimately selected to underwrite the bonds. The District did not have an existing credit rating, so the decision was made to establish a rating with Standard & Poor’s. After a lengthy conference call with the rating analyst and a few days of consideration, S&P assigned an “A” underlying rating for the District. The bonds were priced in June, 2004, with an 8 year call feature. Bo

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