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San Marino reports $40 million Measure M Series A bond sale; district begins RFPs for Measure M projects
Summary
District officials said the Measure M program closed a $40 million Series A bond sale with a AA1 rating and will use proceeds to repay COPs and finance initial projects; staff will release RFPs for architects and RFQs for professional services this summer.
District leaders told the San Marino Unified School District board on June 24 that Measure M preconstruction and financial steps are underway following the district's first bond issuance.
Superintendent Dr. Linda Dela Torre and Chief Business Official Dr. Steven Choi reported that the district completed a $40,000,000 Series A bond sale the morning of June 24. The district secured a double-A1 credit rating from Moody's, and staff reported a true interest cost of about 4.6% for the sale. The sale drew participation from some 30 investors, including national firms named in the presentation.
Dr. Choi said proceeds from the…
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