Moody’s Investor Services, the renowned bond credit rating entity, has again increased the Hattiesburg Public School District’s bond credit rating after having assigned it speculative, or “junk,” bond status just a few years ago. District superintendent Robert Williams learned of the rating increase, from Ba1 to Baa2, after communicating with Moody’s in late February.
Just before the HPSD Board of Trustees meeting March 5, Williams was all smiles when discussing the improved rating, a sign, he says, of the district’s continued financial improvement from where it was about three years ago. At that time, HPSD had a reserve fund below $1 million and was forced to make cuts to personnel and programs in the midst of financial turmoil.
“This is our third step up [in bond rating] since then,” Williams said. “It’s a testament to the hard work of our staff, and the support of our board [of trustees] to get to this point.”
HPSD CFO Bonnie Granger said the district has an approximate $10 million fund balance, with $3.2 million of that designated for infrastructure.
Williams said the district will now move forward to approve construction bids for infrastructure improvements at Rowan Elementary School and Hattiesburg High School, respectively. Bonds approved by voters last year renewed ad valorem (property) taxes scheduled to “sunset” (expire) will result in more than $20 million for improvements throughout the HPSD.
HPSD trustee Eric Steele praised Williams and district staff members for their work to help the district achieve the improved credit rating. “We’ve come a long way,” Steele said.
At the March meeting, the HPSD Board of Trustees unanimously re-elected Delores McNair president of the board, and Yolanda Morris as secretary.
“Last year, it was a challenge to step into this new role, and it has proven to be one of the most rewarding experiences of my adult life,” said McNair, a Hattiesburg High School alumna.
Hattiesburg Public Schools Foundation representative Dan Kibodeaux informed the board that the Foundation would award three $2,000 college scholarships in May at its annual banquet to Hattiesburg High School graduates through its newly-established Dr. Eddie A. Holloway Scholarship of Excellence Program.
Students applying for the scholarship must hold at least a 2.75 grade point average, a record of community service, demonstrate financial need to attend college, and submit an essay that includes details of their academic and career plans, along with letters or recommendation. For more information on the program, email HPSDFoundation@gmail.com.
A Hattiesburg native and HPSD alumnus of its former L.J. Rowan High School, Holloway was instrumental in the establishment of the foundation and has served as its president. He is currently assistant vice president of student affairs and dean of students at The University of Southern Mississippi, and a former president of the Hattiesburg City Council.
“It’s fitting that this program be named for Dr. Holloway,” said McNair. “Education is his passion.”
