Northern California school district to issue $80 million in bonds
The Fairfield-Suisun Unified School District in Northern California plans to issue $80 million in bonds as part of its effort to modernize its campuses.
The general obligation bonds are the second series to be issued since voters in the district in Solano County, 50 miles northeast of San Francisco, approved a $249 million bond measure two years ago.
The school district issued $84 million in bonds that year and will have $85 million in authorized bonds remaining following this issuance.
The bonds are scheduled to be sold in a competitive sale Wednesday, according to the preliminary official statement. Kronick, Moskovitz, Tiedemann & Gerard is the bond counsel and Isom Advisors is the financial advisor.
Moody’s Investors Service has assigned an Aa2 rating to the bonds.
“The Aa2 rating reflects the district's large and growing tax base, above-average socioeconomic profile, and healthy financial position supported by fiscal prudence and stable enrollment,” the rating agency stated.
In a news release, Michelle Henson, the district’s assistant superintendent for business services, said the high bond rating will lower interest costs for taxpayers and “reflects the district’s prudent fiscal management and stable enrollment trend.”
The school district has identified $1.5 billion in needs in its facilities master plan that the bond measure will help finance. District officials in 2016 said the measure was needed to upgrade aging facilities where they were dealing with leaky roofs and deteriorating plumbing.
The district has about 21,000 students attending 20 elementary schools, five middle schools, five high schools and one adult school.
Projects are planned at most of the campuses. They include renovating or building new classrooms, restrooms, multipurpose facilities and libraries. The plan also calls for improving technological infrastructure in classrooms.
Several projects are already underway or completed from the first bond series, including new track and field facilities at two high schools, according to the district plan.