When voters overwhelmingly supported Measure E in the November 2024 election, with nearly 61 percent of the vote, they sent a clear message: Our mountain communities believe in investing in safe, modern schools. This success was the result of months of work by the Measure E Committee and its volunteers who engaged with the community, explained facility needs clearly, and built the trust necessary to pass Rim’s first bond measure in more than a decade.
Measure E authorized $71 million in local funding to modernize school sites across Rim of the World Unified School District (ROWUSD). These funds will be paired with state matching dollars from Proposition 2, approved by California voters in the same election, to stretch every local dollar as far as possible.
Less than a year later, Rim is now at a milestone. In October 2025, the District completed the sale of its first bond issuance: Series A totaling $18 million. This milestone marks the official start of Measure E-funded improvements and demonstrates the district’s commitment to transparency, good financial stewardship, and tangible taxpayer value.
Prioritizing the Most Critical Needs for Students and Staff
Following the election, the District’s Chief Business Official, Jenny Haberlin, coordinated with facilities firms and bond advisors to reevaluate every school site against the district’s Master Facilities Plans (available at YesForRimSchools.com), which were initially commissioned in April of 2024 by the Board of Trustees.
At the September 11th Board Workshop, Trustees reviewed this updated analysis and reaffirmed the first phase of priorities to ensure our investments address the most urgent safety and infrastructure needs across all school sites. The Board identified:
- Electrical upgrades to support the installation of modern HVAC systems.
- Generator replacements and upgrades due to the age and reliability of current equipment.
- HVAC installation at every school site to ensure comfortable, healthy, safe learning environments year-round.
Additional secondary priorities, such as shade structures across school sites and preschool equipment at Charles Hoffman Elementary (CHE) and Lake Arrowhead Elementary (LAE) were also noted as current needs by Board Members.
Strong Financial Standing: Bond Rating and Investor Confidence
Before the bonds could be sold, the District underwent a formal credit rating review. ROWUSD earned an A+ rating, the best possible rating a district can achieve on its own credit without relying on outside insurance or guarantees. This rating signaled to investors that the District’s finances are stable and well-managed, even amid statewide funding pressures and multi-year budget challenges faced by the District.
While the rating came with a “negative outlook,” a common designation for rural districts facing structural deficits, the rating itself allowed Rim to access lower interest rates and favorable terms. It also reflected confidence by investors in the District’s leadership, financial controls, and long-term planning abilities.
Selling Series A: A Competitive, Transparent Process
At the September 18th Board Meeting, trustees unanimously approved Resolution No. 25/26-02, authorizing the issuance of Election of 2024 General Obligation Bonds, Series A, in the amount of $18 million. This is the first of an estimated four bond sales for Measure E.
The following week, the bonds went to market. The investor demand was exceptional.
By October 1st, less than a week later — and weeks earlier than anticipated — the District successfully completed the Series A sale. More than $35 million in orders were placed for just $18 million in available bonds, meaning the bonds were nearly twice oversubscribed. That oversubscription allowed the District’s underwriter, Stifel Nicolaus & Company, to improve the final pricing and lowering costs to taxpayers.
$2.7 Million in Savings Passed Onto Taxpayers
The results of the sale were strong across every measure:
| Metric | Good Faith Estimate (Aug 2025) | Final Results (Oct 2025) | Change/Savings |
|---|---|---|---|
| Par Amount | $18,000,000 | $18,000,000 | — |
| Project Fund | $17,699,000 | $17,707,527 | ↑ $8,527 to projects |
| Trust Interest Cost (TIC) | 5.11% | 4.57% | ↓ 0.54 percentage points |
| Repayment Ratio | 2.01:1 | 1.86:1 | Lower overall repayment burden |
| Net Debt Service (total principal + interest) | $36.20 million | $33.48 million | ↓ $2.72 million (total savings) |
What do these numbers mean?
Par Amount is the total amount of bonds the District issued (in this case, $18 million). It represents the principal borrowed that will be repaid over 30 years.
Project Fund is the amount deposited into the Measure E construction account after issuance costs are deducted. This is the money that directly funds campus improvements. The final figure came in slightly higher than expected, ensuring more dollars go directly into projects.
True Interest Cost (TIC) represents the effective average interest rate over the 30-year life of the bonds. Lowering this from 5.11% to 4.57% means the District will pay substantially less interest over time.
Repayment Ratio compares the total amount repaid (principal plus interest) to the amount borrowed. A ratio of 1.86 to 1 means that for every dollar borrowed, taxpayers repay $1.86. This ratio is well below the state average for school bonds, which often approach 2.0:1. This demonstrates responsible borrowing and disciplined fiscal management.
Net Debt Service is the total amount the district will repay over the life of the bonds and includes both the principal (the amount borrowed) and interest (the cost of borrowing) after accounting for any premiums, discounts, or issuance costs. In short, it represents the true total repayment obligation of taxpayers spread over the bond’s term. From $36.20 million to $33.48 million represents $2.72 million in total savings over the life of the bonds. On top of that, the strong investor interest on sale day alone allowed an additional $100,000 reduction in interest costs, creating immediate value for taxpayers.
Why These Savings Matter
Every decision in the bond process from planning to sale has been conducted publicly and with the community’s interests at the forefront. The bond rating report, sale documents, pricing summary, and Board resolutions are all available for public review on the district’s website and through official board meeting minutes.
By achieving an A+ rating, securing strong investor confidence, and lowering long-term costs, the District demonstrated the kind of prudent financial stewardship that voters expected when they supported Measure E. This responsible management will allow more funds to go directly into facilities improvements rather than interest payments.
Planning & Construction
With Series A funds now secured, planning teams are already moving forward. The District’s architect firm has been reviewing facility records, obtaining any missing plans from the Division of the State Architect (DSA), and scheduling site visits to begin detailed engineering assessments.
The first visible improvements are expected to focus on electrical and HVAC upgrades, laying the groundwork for modern learning environments that are both energy-efficient and resilient during weather extremes.
As work progresses, the District will continue to share updates and invite community input to ensure each phase reflects local priorities and transparency.
Ensuring Citizen Oversight and Community Accountability
Transparency remains central and crucial to Measure E’s implementation. The District is currently accepting additional applications for its Citizens’ Oversight Committee, which will monitor bond expenditures and report directly to the public.
Community members interested in serving can apply at www.rimsd.k12.ca.us/134627_2.
This committee ensures that every Measure E dollar is spent exactly as voters intended: On safe, modern, and high-quality school facilities for our students as outlined in the measure approved by voters.
What’s Next?
Measure E represents a community commitment to the future of education across The Rim. From the earliest campaign conversations to the successful Series A sale, every step has shown what is possible when our community, district employees, and families work together.
As future bond series are issued in coming years, the same commitment to fiscal responsibility, transparency, and community oversight will continue to guide every step.
This work supports the following District Goals:
1 – Student Learning
2 – College and Career Readiness
3 – Highly Qualified Staff
4 – Safe, Well-Maintained, and Secure Facilities
5 – Community Involvement
6 – Budget, Infrastructure, and Resources
Related Links
- ROWUSD Regular Board Meeting 18 Sep 2025 Action Item 11.6: Approval of the issuance of Rim of the World Unified School District Election of 2024 General Obligation Bonds, Series A.