Agua Fria board authorizes $100 million school improvement bond issuance

The Agua Fria Union High School District governing board voted March 5 to authorize the issuance and sale of school improvement bonds of up to $100,000,000. District staff said the issuance is part of an approach to sequence bond sales so the district can fund capital projects while maintaining the current bond tax rate.

Presenter (Speaker 21) said the recommendation follows receipt of updated assessed valuations from the county assessor and outlined next steps: prepare preliminary offering statements, pursue a bond credit rating, price the bonds, place them in the market and close, with proceeds expected by mid to late April if markets proceed as planned. Staff noted the authorization is to proceed with planning and sale over the next 30–45 days and that the district expects to return to the board next spring to ask for additional issuances in sequence.

The motion to adopt a resolution authorizing the issuance and sale passed on recorded votes. The board emphasized the long-range plan to sequence bond issuances so as not to increase the district’s bond tax rate for the community.

Next steps: district finance staff will proceed with disclosures, credit rating, and market pricing, then return with finalized sale documents as required.