Mill Valley School District issued its first series of general obligation bonds (the "Series A Bonds") from their June 2022 $194 million bond authorization Measure G.  The $22.6 million issuance will be used to renovate, upgrade and modernize school facilities, as well as finance preliminary costs for the new middle school to be completed by 2027.  The bonds were issued as traditional principal and interest bonds that will mature over the next 30 years.  The overall cost of borrowing (true interest cost or "TIC") was 4.1237% and the repayment ratio was 1.80:1, which means that for every dollar borrowed,$0.80 of interest will be paid. Despite a challenging bond sale due to Federal Reserve Chairperson Powell comments on the day of pricing, the District's bonds priced incredibly well compared to other similar-rated, similar-sized transactions.  Helping to achieve the lowest interest rates possible was the District's stellar AAA rating, a level reserved for only a few elite California school districts.

The Series A Bonds were approved by the Mill Valley School District Board of Trustees on June 7th, and priced at levels better than presented to the Board.  The TIC was lower by 18 basis points and the overall repayment on the bonds was lower by more than $4 million.