In April 2015, BVSD issued the first set of bonds for the $576 million bond program approved by voters last November. The bids received reflect the bond market's very high level of confidence in the district, which results in lower interest cost for taxpayers. Proceeds from the $250 million issuance will fund the first phase of the bond program.
The district accepted offers from prospective underwriters for its Series 2015 General Obligation Bonds. The district's bonds carry high-grade ratings from Moody's ("Aa1"), Standard & Poor's ("AA") and Fitch ("AA+"). The bonds were offered using a competitive bid process on the internet, and BVSD received six bids for the full amount of the issue. The best bid was submitted by Morgan Stanley, with a True Interest Cost ("TIC") of 3.857%. The five other bidders were Citigroup, Bank of America Merrill Lynch, Wells Fargo Bank, J.P. Morgan and Barclay's Capital. The other five bids ranged from 3.874% to 3.994%. Morgan Stanley's bid, which produces the lowest overall cost to the district, was accepted.