On November 7, 2000, Waterloo Schools’ voters approved a $10,719,000 bond issue for improvements to buildings throughout the District, with 53.3% voting “yes”. Proceeds from the resulting bond issue paid the local share of the classroom facilities improvement program sponsored by the State of Ohio. Those bonds were dated May 1, 2001. Interest rates had dropped considerably by the third quarter of 2005 when Sudsina & Associates started to analyze the potential refunding of the original 2001 bonds. The District was contacted and the Administration agreed to pursue the refunding and the preparation work was begun. Sudsina & Associates was engaged to guide the process as financial advisor. The original bonds were sold with FGIC bond insurance, with no underlying credit rating. Th

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