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Measure K bond sale returns favorable results; district received $15 million and Moody's affirmed A2 rating
Summary
District finance staff reported the first series of Measure K bonds closed this summer with 10 competitive bids, a winning rate of about 4.68% from Robert Baird, funds received July 24 and an improved facilities cash estimate; staff said the tax levy is roughly $30 per $100,000 assessed value and the district plans a final issuance of $62 million in spring 2027.
District financial advisors briefed the board on the results of the first Measure K bond sale this summer and told the board the transaction produced stronger than‑expected results for the district.
Mr. Weaver, presenting the transaction results, said Moody’s Investors Service affirmed the district’s credit rating at A2 and that the competitive sale drew 10 bids — a number he described as in the top decile historically for California district bond sales. The winning bid from Robert Baird carried an interest rate of roughly 4.68 percent against the district’s budgeted assumption near 5 percent, and the sale closed this summer with funds received on July 24.
Weaver said accelerating the issuance increased the cash available for planned facilities work and produced an estimated improvement in the district’s facilities budget of about $1.8 million. The district plans a spring 2027 sale for the remaining authorized Measure K amount, targeting roughly $62 million in that issuance.
On taxpayer impacts, staff presented a levy estimate of about $30 per $100,000 of assessed value and said district projections currently assume 29 years of taxation; staff explained that improved sale results, lower interest rates or assessed valuation growth could reduce the number of years taxpayers pay the levy or slightly lower the annual rate.
Board members asked follow‑up questions about how lower future interest rates would affect tax levy duration and schedule; staff reiterated that the next competitive sale is planned for spring 2027 and that the district will seek to maximize sale results through market timing and continued conservative budgeting.
The board acknowledged receipt of the presentation; staff said they will bring future budget and bond‑spend updates as projects proceed.
