Natomas Unified’s first sale of Measure J school facility bonds has generated $69.3 million for school facility improvements – $2 million more than anticipated while taxpayers will pay it off in four fewer years than projected.
The recent bond sale responds quickly to the lifting of the Natomas building moratorium and enables NUSD to take aim at some of its most urgent school facility needs while saving taxpayers money and cutting NUSD’s bond-selling costs.
Taxpayers, families, students and schools all win,” Superintendent Chris Evans said. “We worked hard to save taxpayers money while providing a high-quality education that prepares students for college and career.”
In the short period of time since the lifting of the building moratorium in June and the sale of Measure J bonds on July 30, NUSD has begun designing future school facilities and soliciting proposals for campus safety upgrades.
Government Financial Strategies inc., NUSD’s financial advisor, told the NUSD Board of Trustees Wednesday that the following factors enabled the District to achieve higher bond revenue and lower bond costs this year than anticipated:
· A California Board of Education waiver allowed NUSD to sell $69.5 million in bonds this year, rather than $19.4 million, based on the district’s bonding capacity. This provided more upfront funds for school projects.
· NUSD saved an estimated $200,000 when the District’s credit rating improved for the second time in three years.
· Utilization of a competitive bond sale produced potential savings of $760,000.
Measure J allows for the potential sale of nearly $60 million in additional bonds to upgrade and enhance NUSD school facilities in the years ahead.
