Santa Barbara Unified School District sells millions in bonds

SANTA BARBARA COUNTY, Calif. - The Santa Barbara Unified District sold $53 million in bonds to investors on Wednesday.

The (Series C) bonds were for measures I and J and sold within its first two hours of going on sale.

Measures I and J were approved by voters in 2016, with $193 million dedicated to the modernization of the district’s facilities. 

According to Investopedia, a bond represents a loan made by an investor to a borrower.

“(The district) benefits from its designation as a community funded district coupled with a large and diverse economy that supports strong full value per capita. Additionally, the district's financial profile will continue to benefit from prudent fiscal practices and management's commitment to adopted reserve policies," according to Moody's Investors Service.

The school district said it is rare for it to sell bonds, which investors said was another key selling point for them.

For more information visit their website.