Pickerington Local Schools Refinances Debt, Saving Taxpayer Dollars
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Pickerington Local Schools Refinances Debt, Saving Taxpayer Dollars
Pickerington Local Schools Refinances Debt, Saving $1.43 Million for Taxpayers
October 17, 2025 | Pickerington, OH — Pickerington Local School District has successfully refinanced a portion of its outstanding debt, achieving $1,432,000 in savings for district taxpayers.
The refinancing involved $16.35 million in bonds originally issued in 2007, following community approval of the November 2006 bond issue, which funded construction of Sycamore Creek Elementary, Toll Gate Elementary, and Toll Gate Middle School. This marks the second time the district has refinanced this debt, following similar efforts in 2015 and 2016. The refinanced bonds will have a final payment in 2033.
“We are pleased to once again identify opportunities to save our community money while maintaining our long-term financial commitments,” said Pickerington Local Schools Treasurer and CFO John Walsh. “The refinancing process allows us to be responsible stewards of taxpayer dollars and take advantage of favorable market conditions to lower repayment costs. While this savings cannot be used for daily operations, it directly reduces the overall debt burden on our community through 2033.”
Walsh added, “We remain committed to making sound financial decisions that keep Pickerington Local Schools strong and sustainable for years to come.”
The refinancing generated savings that exceed minimum standards recommended by national government finance organizations. By law, these savings can only be used to reduce debt repayment costs through 2033 and cannot be used for other school district operations. The transaction is scheduled to close on November 4, 2025.
“Our Board is grateful for the Treasurer’s proactive approach to managing taxpayer dollars,” said Pickerington Schools Board of Education President Clay Lopez. “This refinancing effort demonstrates the district’s continued commitment to fiscal responsibility and transparency on behalf of our community.”
During the refinancing process, Moody’s Investors Service adjusted the district’s credit rating from Aa2 to Aa3. The Aa3 rating continues to represent a high-quality credit standing, reflecting strong resident incomes and positive enrollment trends. Moody’s cited that the downgrade primarily reflected lower operating fund balances and projections of expenditures outpacing revenues in the near term.
“We remain confident in the district’s overall financial health and continue to make progress toward long-term stability,” Walsh said. “Moody’s recognized our strong community support, growing enrollment, and healthy local economy. We are committed to maintaining sound financial practices that position Pickerington Local Schools for continued success.”
The district worked with Bricker Graydon LLP, KeyBanc Capital Markets Inc., and Baker Tilly Municipal Advisors LLC to complete the refinancing process.
At a Glance
- Total Refinanced Debt: $16,350,000
- Total Savings: $1,432,000
- Final Payment: 2033
- Original Bond Issue: November 2006 (construction of Sycamore Creek ES, Toll Gate ES, and Toll Gate MS)
- Credit Rating: Moody’s Aa3 (High Quality)
- Closing Date: November 4, 2025