The San Mateo Union High School District completed the Measure L bond sale a year ahead of schedule with an interest rate of 3%, far below the estimate of 5.75%, which means the total borrowing amount with interest was $547.4 million, $267 million less than expected.
The district recently issued the remaining $96.25 million of its Measure L bond authorization. Authorized by voters in March 2020, Measure L had a total authorization amount of $385 million. The bond sale resulted in very competitive interest rates and received significant investor attention due to the District’s ‘AAA’ bond credit rating.
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