Maricopa Unified board authorizes up to $43 million in school improvement bonds, targets 79¢ bond tax rate

The Maricopa Unified School District governing board voted unanimously April 9 to adopt a resolution authorizing the issuance and sale of school improvement bonds not to exceed $43,000,000 to fund facilities projects including a K–8 school and a workforce-development project at Maricopa High School.

The vote followed a presentation by Mike LaValle of Stifel Public Finance, the district’s underwriters, who reviewed recent assessed-value estimates, the district’s bonding capacity and interest-rate assumptions. LaValle told the board the district’s February estimates showed roughly 9.6% growth in the district’s net limited assessed value for the coming fiscal year and said the district’s bonding capacity was substantially higher than the voter-authorized amount of $70 million. “We’re estimating interest right now 4.75%. I am hoping that’s conservative,” LaValle said during the presentation.

The district’s staff and its underwriter…