The Novato Unified School District (NUSD) executed a successful sale of $55 million in Series B Bonds on October 16, 2019, as part of the voter-approved Measure G bonds NUSD placed on the November 8, 2016, ballot.
The October 16, 2019, bond issuance of $55 million resulted in a blended true interest cost (TIC) of 2.54%. Mesirow Financial was the successful bidder for both series in a competitive sale:
“The True Interest Cost (TIC), which is the rate that we base the award on, was 2.54%, is the lowest interest rate I have seen in the eight G.O. bonds that I have issued in my career. This low interest rate means savings for our taxpayers over the next 25 years,” commented Yancy Hawkins, Assistant Superintendent.
Moody’s Investors Service confirmed Novato Unified School District’s general obligation (GO) bond rating of Aa1, which had been upgraded Aa2 in March of 2017.
This bond sale is the second of several that will take place over the next 6 years as a result of the passage of Measure G in November 2016. NUSD placed Measure G, a $222 million bond, on the November 2016 ballot to fund facility improvements at all schools.