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Arcadia Unified reports successful $70M Measure AS bond sale; lower interest and issuance costs
Summary
The district reported a May 1 sale of $70 million in Measure AS general obligation bonds at a ~4.37% true interest cost; staff said 12 bidders competed and issuance costs were about $431,000, yielding roughly $500,000 more available for construction work than earlier estimates.
Staff reported that on May 1 the district sold $70 million of Measure AS general obligation bonds. The finance team said the true interest cost was roughly 4.37 percent, lower than an earlier expectation of about 5 percent, and that competitive bidding (12 bidders) and favorable market timing helped lower borrowing costs.
Officials also reported that actual issuance costs were about $431,000 — well under an earlier estimate near $1 million — which staff said results in an additional ~ $500,000 available for construction projects. Staff noted the district's double‑A1 rating and the timing of the municipal bond market as contributing factors. A more detailed presentation is scheduled for a future meeting with the district's financial advisors and bond counsel.
