Maricopa County Unified School District 97, Ariz., expects to issue up to $24 million of general obligation bonds by late January from a $148 million authorization approved by voters in 2008.
School trustees voted last week to authorize district officials to sell the bonds whenever financial conditions are favorable.
Jim Migliorino, superintendent of fiscal service, told trustees the district must be flexible and able to act quickly if market conditions are volatile.
“Because there are some things that are beyond our control that could impact the financial markets, we want the opportunity to be able to act in a way that’s the best possible manner for the school district,” Migliorino said,
It would be the fourth sale from the 2008 bond package. So far the district has issued $90 million. The remaining $34 million of authorized debt must be issued by November 2014.
Proceeds will fund $9 million of upgrades at three schools and $12 million of renovations across the district. The district’s $214 million of outstanding debt is rated Aa2 by Moody’s Investors Service and AA-minus by Fitch Ratings.
