On Tuesday, April 18, 2023, the Boulder Valley School District successfully sold $187,335,000 of General Obligation Bonds as authorized by voters at the November 2022 election. The bonds were sold competitively with bids received electronically via the internet.
The winning bid was submitted by BofA Securities, Inc. with a True Interest Cost of 3.84%. The cover, or second best bid, was submitted by Morgan Stanley & Co, LLC. There were seven additional firms that submitted bids including Jefferies LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Bank, RBC Capital Markets, BNYMellon Capital Markets, and Robert W. Baird & Co., Inc.
This bond issue provides funds for District-wide capital improvements described in the 2022 Facilities Critical Needs Plan as approved by voters to be completed over the next several years. The tax-exempt bond issue was structured with maturities over the period from 2023 to 2052. After closing of these bonds, the District will have $162,665,000 of general obligation authorization remaining to use for additional projects within the critical needs plan.
The strong bids received on the sale date are a reflection of the investor demand for high quality bonds and the strong financial stewardship and credit fundamentals of the Boulder Valley School District. The sale of the 2023 Bonds continues the District’s past performance of receiving considerable investor interest due to the District’s strong credit ratings of Aa1 from Moody’s and AA+ from S&P.