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Arcadia Unified board authorizes sale of $70 million in Measure AS bonds
Summary
The Board unanimously approved Resolution 24-25-25 to issue $70 million in Measure AS bonds, with staff estimating a true interest cost just under 5% and total repayment around $134 million over 30 years; sale is anticipated May 1.
The Arcadia Unified School District Board of Education on March 25 approved a resolution authorizing the sale and issuance of $70,000,000 in Measure AS bonds, a step staff said is needed to begin funding campus improvements.
"We are leading up to an anticipated May 1 sale date," said Esler, who briefed the board on the bond documents and process. He described the planned approach as a competitive sale with some negotiated elements and said the district's advisors expect a true interest cost just under 5% and issuance-related costs around $1,000,000. "Over the life of these bonds, repaying them with interest will cost just under $134,000,000," he said, noting the estimate is preliminary.
Esler reviewed the suite of documents the board approved, including the resolution, the bond issuance agreement, bond purchase agreement and the continuing disclosure certificate, and told trustees the County of Los Angeles will hold bond proceeds and manage the debt service fund. He also said district staff will meet with a ratings agency and continue to finalize the preliminary official statement in the next weeks.
Board members praised the thoroughness of the documents and moved to adopt Resolution 24-25-25. The motion passed 4–0 with one trustee absent. The board will return to finalize any blanks in transaction documents once underwriters provide final terms.
Provenance: Topic introduced SEG 211; discussion and vote concluded SEG 453.
