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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 bond will be used, in part, to pay off the remaining $2,650,000 balance on the certificates of participation (COPs); that transaction was scheduled to occur on July 10, the first day bond proceeds become available.
On project delivery and procurement, Dr. Choi and bond program manager CJ Nolan said the district is preparing requests for proposals for architectural services associated with the initial wave of Measure M projects and expects to release those RFPs to the district's prequalified pool later in the week. Nolan is drafting project narratives, phasing schedules, and RFQs to establish a pool of professional service providers (DSA inspectors of record, special inspections and materials testing, surveying, civil and geotechnical services) to accelerate hiring once contracts are awarded. Staff anticipate returning to the board in August with contract award recommendations.
Facilities assessments are underway. The district completed roof inspections across campuses; staff said preliminary results show the San Marino High School roof is the most deteriorated. A roofing consultant is preparing formal assessment reports that will help define scope and prioritization; procurement for roofing is expected to use CMAS pricing where appropriate.
Choi said the board will receive a presentation in August outlining construction delivery options, including design-bid-build, design-build and lease-leaseback, so trustees can weigh trade-offs before staff moves forward with contracts.
Board members asked for timing and budget clarifications. Staff emphasized that physical construction had not yet begun and that the immediate focus was on preconstruction, procurement, and establishing vendor pools to speed future work once contracts are in place.
The board received the report as information; no formal action was required on the Measure M update at the June 24 meeting.
