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Board hears final Measure BB bond sale results; district accessed full $50 million authorization
Summary
Financial advisors told the Bassett Unified board that the district sold the final Measure BB series on June 24, accessed the full $50,000,000 authorization, secured strong investor demand and locked a true interest cost under 4.5%, avoiding capital‑appreciation bonds and shortening final maturity.
The Bassett Unified Board of Education received a municipal‑finance presentation on the district’s Measure BB bond program, which the presenters said has now been fully accessed.
Steve Veil, the district's municipal financial adviser, said Measure BB — approved by voters in November 2020 — authorized up to $50,000,000 in bonds and that the district completed the final series sale on June 24. Veil told the board there was significant investor interest across the three issuances (he cited more than $200,000,000 in orders across series) and that the team was able to avoid issuing capital‑appreciation bonds, which reduced projected tax burden for future years.
Helena of the financing team summarized the financing statistics and said the program’s true interest cost came in below 4.5 percent. "The district was able to secure less than 4.5 percent interest rate for their bonds," she said, and presenters explained that the final maturity for the program was shortened relative to the original plan (presentations showed a final maturity moved from 2056 to about 2054).
Board members applauded the timing of the sale and asked clarifying questions about interest‑rate sensitivity and taxpayer impact. Advisors said avoiding capital‑appreciation structures materially reduced long‑term interest expense and that, should rates fall in the future, refinancing opportunities could be explored.
