Dear Monrovia Families, Staff, and Community:
With the arrival of summer, Measure MM is in the final stages of its first “Series A” issuance of $18.75 million. It is with great pleasure that I report that Moody’s Investors Service maintains an A1 issuer rating on the Monrovia Unified School District and assigned an Aa3 rating on Measure MM’s initial general obligation bonds.
These excellent ratings are based on the district’s solid financial position, resulting in overwhelming interest in our bonds on the part of major investment groups. UBS Financial Services was ultimately awarded our Series A bonds at an interest rate of 3.64%, substantially lower than the 4.25% rate used in planning for Measure MM. This difference greatly benefits the taxpayer in the long run and will help ensure that we remain at or under the targeted tax rate of $30 per $100,000 of assessed property valuation.
Projects funded by Measure MM will begin this summer; please click here to review the public presentation given to the Board last March that outlines the priorities and work that lies ahead.
I am also happy to report that the Monrovia Unified School District was recently awarded a $541,000 grant from the California Schools Healthy Air, Plumbing, and Efficiency Program (CalSHAPE) to provide funding for upgrading heating, air conditioning, and ventilation (HVAC) systems in our schools and for replacing plumbing fixtures and appliances that fail to meet water efficiency standards.
When the Board of Education first considered Measure MM, it made clear its commitment to leverage existing resources to complement the bond measure and to identify additional funding streams to maximize bond funds. This news is an example of how the district is keeping to those commitments.
I look forward to providing additional updates on Measure MM in the future.
Sincerely,
Ryan D. Smith, Ed.D.
Superintendent