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Measure AS bond sale: Arcadia Unified nets $69.5M for facilities; Moody's affirms AA1 rating
Summary
District financial advisor reported a successful Measure AS Series 2025 bond sale: $70 million issued, winning bid at 4.37% (Bank of America), Moody's affirmed an AA1 rating, and the district realized roughly $69.5 million for its facilities program—about $500,000 more than budgeted.
The Arcadia Unified School District's first Measure AS bond sale (Series 2025) produced a better-than-expected result, the district's financial advisor reported. Moody's affirmed the district's AA1 credit rating ahead of the sale; the district issued $70,000,000 as planned and the winning underwriter bid from Bank of America came in at 4.37%, lower than staff's budgeted rate.
The advisor said the sale drew 12 bids from a mix of regional and national firms and yielded a net premium and lower upfront costs. "Moody's affirmed our bond rating at AA1," the presenter said, noting that reasons cited included good governance, stable enrollment and community support. Staff reported the final proceeds left approximately $69,500,000 available for Measure AS facilities projects — roughly $500,000 more than the districts' budgeted amount for projects.
Staff also reviewed the projected tax-levy schedule across multiple series and explained the choice to sell early to attract broader competition. Board members asked about competitive versus negotiated aspects of the process; staff explained the district used a competitive bid to select the winning firm and then negotiated the final structure with that underwriter to refine timing and levy stability.
