Upland Unified School District
Dual-series financing supports capital improvements and refunding generates debt service savings to district taxpayers
Background
Upland Unified School District (the District) is a K-12 public school system in San Bernardino County, California, serving approximately 9,300 students.
The District has historically utilized voter-approved general obligation bonds to finance capital improvements under its 2008 Measure K authorization. In 2026, the District sought to continue funding critical facility upgrades while also refinancing outstanding debt to improve its overall debt profile.
Solution, Implementation & Results
On April 15, 2026, Baird’s California K-12 Public Finance group served as sole managing underwriter for the District’s $36,525,000 two-series general obligation bond issuance, consisting of new money and refunding bonds.
The financing was structured as a combination of $11,000,000 Election of 2008 General Obligation Bonds, Series F, and $25,525,000 2026 General Obligation Refunding Bonds, Series A, designed to fund Measure K-authorized capital projects while refinancing outstanding general obligation bonds.
Baird implemented a flexible pricing strategy that incorporated both tax-exempt and taxable components to efficiently manage premium and cash flow considerations. Leveraging the District’s Aa3 underlying rating, the team generated strong investor interest and broad distribution. The District garnered 55 separate orders during the sale. To support execution, Baird committed to underwriting balances at 1–2 basis points wider across select maturities, providing stability during pricing and reinforcing investor confidence in the transaction during a turbulent market.
The bonds were priced with a true interest cost (TIC) of 3.19%, and investor demand resulted in an order book of approximately enabling pricing adjustments during the order period. The District taxpayers were able to achieve over $2.8 million in gross savings capitalizing on the current call provision and transitioning existing capital appreciation bonds to current interest bonds.
