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 outlined a plan to “layer in” the new debt so that total debt service remains roughly level as older debt drops off. District materials shared at the meeting estimated a principal amount for the upcoming sale near $42,000,007.50 and noted Arizona limits school bond terms to 20 years; the board was presented a tax-impact projection that showed a target bond tax rate of about $0.79 per $100 of assessed value if assumptions hold.

Board members asked about timing and market risk. Member Ben Owens asked whether the district needed to sell now or could wait for market conditions to stabilize; LaValle and district staff said market timing is uncertain and that the district can delay a sale if volatility spikes, but noted that waiting could also raise costs. “If it gets better, and it’s significant, we can always do what’s called a refunding similar to like a mortgage refinance,” a district finance representative said. Board members also discussed that proceeds must be spent within federal expectations for municipal debt and that the district generally plans to spend the money within three years.

The board approved the resolution by roll call, with Shontay Rothschild, Ben Owens, Carolyn Lopez, Patty Cutray and President Robert Downey voting aye. The resolution authorizes the sale; it does not set a final interest rate. District staff said they plan to move to market and attempt to lock in rates the week of April 28 or May 5 and, if successful, to deliver funds for projects in mid-to-late May (staff referenced a potential funds-delivery date of May 22).

The board and staff emphasized project readiness and the district’s construction team. District staff said the projects are already moving into planning or early procurement stages and that the district expects to use the proceeds for the cited projects rather than hold large unspent balances.

Votes at a glance

- Resolution authorizing issuance and sale of school improvement bonds (not to exceed $43,000,000): Passed, 5–0 (Rothschild, Owens, Lopez, Cutray, Downey — all aye).

Clarifying details and next steps

- Not-to-exceed amount presented to the board: $43,000,000; estimated principal for this sale shown in staff materials: $42,000,007.50. - Maximum term cited (Arizona limit for school districts): 20 years. - Interest-rate placeholder used in the presentation: 4.75% (staff said they hope to do better and that short-term market moves have been volatile). - Target bond tax rate used in public materials and projections: approximately $0.79 per $100 of assessed value. - Timing discussed: staff hopes to lock rates the week of April 28 or May 5; potential funds delivery mid/late May (May 22 referenced).

Sources: presentation and remarks by Mike LaValle (Stifel Public Finance) and district staff during the April 9, 2025 Maricopa Unified School District governing-board meeting.