District wins AAA rating, delays Measure P sale and names TeleQ program manager

The Belmont-Redwood Shores School District Board of Trustees on Thursday received an update showing the district’s bond credit upgraded to a top-tier rating and approved hiring a program and construction manager for Measure P projects.

Chief property officer Matsumoto told trustees the district has been upgraded to a AAA rating from Moody’s, which staff said will reduce borrowing costs for taxpayers. Matsumoto also reported that market volatility after recently proposed tariffs pushed expected interest rates higher and prompted staff to delay a planned public sale of $57.5 million in Measure P Series A bonds. He said the district is monitoring the market daily and expects to sell this year once conditions stabilize.

Why it matters: Measure P funds roof, HVAC and other modernization work across district sites and is the source for a planned district office modernization. A higher credit rating generally lowers the interest cost of borrowing; a…