Overview
On January 24, 2019, Marin Community College District successfully sold its final installment of the $265 million Measure B bond measure approved by District voters on June 7, 2016:
- $70 million Election of 2016 General Obligation Bonds, Series B (Federally Tax-Exempt)
- $97.5 million Election of 2016 General Obligation Bonds, Series B-1 (Federally Taxable)
The bonds were sold via a negotiated sale with Piper Jaffray & Co.
Credit Ratings
The Bonds were rated ‘Aaa’ by Moody’s Investors Service (“Moody’s”) and ‘AAA’ by Standard & Poor’s Rating Services (“S&P”). These ratings are the highest possible ratings from both agencies, and are one-notch higher than when the District sold its first installment of Measure B bonds at ‘Aa1’ by Moody’s and ‘AA+’by S&P. Moody’s noted the following as District credit strengths:
- Very large assessed valuation
- Well above average resident wealth metrics
- Deep entrenchment into basic aid
- Satisfactory financial performance with steady reserves and liquidity
S&P identified the following as District credit strengths:
- Broad and very diverse tax base located in the San Francisco Bay Area
- Very strong income and extremely strong property wealth indicators
- Inherent District operational flexibility
- Good financial management practices
These perfect ratings helped distinguish the District’s Bonds from other financings and attracted robust investor interest.