The work has begun on Bowling Green City Schools’ new high school – even if there is nothing tangible showing.

That was the message district Superintendent Ted Haselman shared with the Bowling Green Kiwanis Club at their meeting Thursday.

Haselman, who was superintendent at Pike-Delta-York for eight years, was hired in August to replace Francis Scruci.

“One thing that we need to make sure is we do this right, because everyone is watching and people need to see that we are being good stewards with dollars and we are representing our district and representing the community well with everything that you’ve entrusted us with regarding the passage of this bond issue,” Haselman said.

There have been no signs of excavators or surveyors on Poe Road where the new schools will be built, he said.

“There’s been lots and lots of work done behind the scenes for this project,” he said.

The district has sold short-term notes, received a bond rating, sold $72.8 million in bonds, requested approval of the project from the Ohio Schools Construction Commission, is preparing to request quotes for a construction manager and is in the process of relocating an athletic practice field.

All of these things happened simultaneously, Haselman said.

A short-term note for $15 million was sold and the interest we will pay is less than the interest we will receive, he said.

“The idea behind this is to let your money work for you,” he said.

The note will be paid off in June.

Haselman, district Treasurer Cathy Schuller, board member Ryan Myers and Wood County Economic Development Director Wade Gottschalk traveled to Chicago to give a presentation to Moody’s Investors Service in order to get the best bond rating possible.

The higher the bond rating – which is similar to a credit score — the better chance of selling bonds at a lower interest rate to investment companies.

“When that happens, we win,” Haselman said.

The district received a bond rating of Aa3, the fourth highest in the top tier, and had a record number of Wall Street investors (46) place orders valued at $403 million.

“This is a testament to the perceived value of our bonds,” he said, “and that high credit rating.”

Haselman added this was the largest bond sale in Ohio and on that day, Bowling Green was the only school district selling bonds.

When the district asked voters to support the 5.5-mill levy to pay for the new school, interest rates were set at 5.25%.

The district was able to negotiate interest rates to 4.07%, which will save the district more than $13 million in interest payments over the 30 years of the loan.

When Bowling Green becomes eligible for OFCC money in eight-12 years, the district will be reimbursed about $7.5 million based on our enrollment when our number is called, Haselman said.

If enrollment goes up as he expects it to, the state share will go up, he said.

“It does require us to play by their rules,” he said about the district’s involvement with the state program.

OFCC will tell us the minimum they will pay for, and we will pay for extras, such as a bigger cafeteria for example, with local funds, he said.

Once OFCC approves the project, which is expected later this month, the district can advertise for a construction manager.

The board also approved moving the grass practice field that is located south of the football stadium as that is where the geothermal field will go. It will eventually be covered with a parking lot. The practice field will be moved to the north side of the middle school driveway off Fairview Avenue.

“We are extremely thankful to our community (and are) extremely thankful to the organizations that helped pass this bond issue for the students at Bowling Green City Schools. …” Haselman said.