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Oxnard district sells bond anticipation notes, keeps A+ rating; oversight committee reports
Summary
The district sold bond anticipation notes in February to accelerate Measure D projects and locked lower interest rates; Standard & Poor's affirmed an A+ rating. The Citizens Bond Oversight Committee reported Measure I expenditures consistent with voter language and noted ongoing projects including Fremont and Rose Avenue.
District finance staff updated the board on a bond anticipation note (BAN) sale completed in February that accelerated capital work on Measure D. Staff said S&P affirmed the district’s A+ credit rating and that selling in February captured a more favorable municipal interest-rate environment than later in spring. The BAN carries a five-year term with no scheduled debt service payments until 2031; staff said repayment is expected from Measure D proceeds or Measure I as a contingency.
Emilio Flores explained market volatility since the sale and said the transaction likely saved the district and taxpayers the equivalent of roughly $750,000 in interest compared with later pricing. Trustees discussed municipal-advisor relationships, disclosure of potential conflicts and the district’s fiduciary protections. Flores said disclosures were included in offering documents and that municipal advisors have a federal fiduciary duty.
Separately, the Citizens Bond Oversight Committee reported to the board that, following audits and reviews, Measure I funds were spent in accordance with voter-approved language; Measure D continues to support major projects (Fremont, McAuliffe modernizations, Rose Avenue reconstruction and new Rose Academy), and the committee requested additional members to fill vacancies.
Trustees encouraged broader community recruitment for oversight vacancies and commended district staff for maintaining financial discipline amid market uncertainty.
