District sells Series 2017 Bonds

On Thursday, March 16, the Boulder Valley School District offered its Series 2017 General Obligation Bonds to the public in a competitive bid process.

The total amount issued will be $283,740,000, including $190,000,000 issued for facilities improvements to be made throughout the District as the second round of debt for the 2014 bond program, Building for Student Success, as approved by the District’s voters in the election of November, 2014. $93,740,000 of the 2017 Bonds are being issued to refinance the District’s Series 2007 General Obligation Bonds. The refinancing will lower the interest rate on this portion of the District’s debt, and will allow it to be paid off sooner, producing a total debt service savings of more than $22 million.

Boulder Valley’s bonds are rated by Moody’s (Aa1), Standard & Poor’s (AA+), and Fitch (AA+). The rating from Standard & Poor’s represents an upgrade to the district’s prior AA rating and is the highest rating assigned by Standard & Poor's for any Colorado school district. The 2017 Bonds will be underwritten by Morgan Stanley, who submitted a bid resulting in the lowest overall cost to the District.