Skip to main content


Carlsbad USD Completes Its Inaugural General Obligation Bond Sale for Measure HH
Posted 6/10/19

On June 5, 2019, Carlsbad Unified School District successfully sold its inaugural $84,995,000 General Obligation Bond offering under the $265,000,000 Measure HH program authorized by the community on November 6, 2018.  The average interest rate on this first issuance of Measure HH bonds was 2.94%, which is lower than the bond interest rate that was built into the Measure HH bond program as a planning tool.


Furthermore, the low interest rate on this first issuance of Measure HH bonds is in part attributable to the District’s very strong credit ratings.  The Superintendent and the Assistant Superintendent of Business Services, with the support of the Board, requested and received high credit ratings on the bonds of “Aa1” from Moody’s Investors Service and “AA” from Standard & Poor’s.   These credit ratings are two levels above the average school district in California.


One of the contributing factors to achieving these high credit ratings is the District’s healthy financial profile supported by the fiscal prudence of the Board and District Administration, coupled with community support and favorable student enrollment trends.


Some of the highlights of this bond offering are that the final term of the bonds is about 29 years with a prepayment feature in 10 years.  The repayment ratio for the bonds is 1.52 to 1, which is also lower than what was assumed in the Measure HH bond program. The District did not issue any Capital Appreciation Bonds and only traditional Current Interest Bonds were issued.