It is a little confusing but here is what he is saying starting on page  107 at this link:

 

  • we have done a great job increasing our rating with the agencies.  Thank you Mike O’Brien and Tom Zidelis
  • if we take on too much debt, we can assume an increase of  10 basis points on our debt for each decrease in our grades
  • if this happens interest costs will go up 5 million with each drop of 10 basis points

 

Bottom line he is warning us that if we truly plan to build two new high schools that we need to start appropriating funds now.  If we do not the bonding agencies will lower our ratings..