The Board of Education of the County of Wyoming, West Virginia, sold $20.2 million in bonds to finance a variety of capital improvement projects.
The bonds mature between 2025 and 2039, yielding between 3.2% and 3.9%. They received a rating of AA- from S&P Global Ratings.
The issuance comes amid falling enrollment in the low-income county’s public schools. Enrollment has fallen more than 11% since 2020, down to 3,439 students this academic year, according to the official statement accompanying the sale of the bonds. Declining enrollment presents a financial risk to the school district, as state aid is tied to the number of students attending its schools.
Wyoming County, not to be confused with the western state of the same name, comprises a rural area in southern West Virginia. The county, which has nearly double the national average poverty rate, will use the bond proceeds to fund 10 capital projects at nine schools and a career center.
The largest expense will see the board dispense $16.5 million to build a new elementary and middle school in the town of Mullens. The smallest involves the disbursement of $100,000 for the construction of a walking track and the purchase of new playground equipment at the elementary and middle school in Cyclone. Both Mullens and Cyclone are home to less than 2,000 people.
The bonds are general obligations of the Wyoming County Board of Education, payable by property taxes.
Carty & Company, Inc served as underwriter on the issuance. Crews & Associates, Inc acted as financial advisor.