Cherry Creek School District Sells First Installment of Bonds to Begin Capital Construction Projects Across the District

Greenwood Village, Colo. - On Tuesday, December 3, 2024, the Cherry Creek School District (CCSD) successfully sold $316,670,000 of General Obligation Bonds. The 2024 Bonds represent the first installment of bonds issued by CCSD as part of the $950 million bond measure approved by CCSD taxpayers in the November 2024 election and as authorized by the Board of Education at their meeting on November 11, 2024.

CCSD received more than $4.8 billion of orders for its bonds from 85 different accounts, resulting in a subscription level of 15.8 times the amount of bonds offered. This strong demand for the CCSD’s bonds allowed CCSD to lower interest rate cost to 4.2% and generate 14% premium on the bonds.

“This issuance is a positive step for CCSD and its taxpayers as we begin work on the capital projects approved by voters in the recent election. We look forward to building on these positive results as we continue to implement these debt plans over the next three years and remain transparent and accountable to our community,” said Scott Smith, CCSD’s Chief Financial and Operating Officer.

One of the first projects to break ground as part of the 2024 Bond package is the expansion of the Cherry Creek Innovation Campus (CCIC) which is slated to begin in January 2025. Other projects approved by voters include rebuilding Holly Ridge and Holly Hills; rebuilding Laredo Middle School; renovating the IST building and constructing a pool on the Prairie/Overland campus; beginning Phase I of the Cherry Creek K-12 Campus rebuild; renovating athletic facilities on the east side of the district; installing ballistic window film at all schools; and addressing maintenance needs across the district. An interactive bond improvement map will be updated with all school-level projects in early 2025 and can be accessed here.

The successful pricing results reflect investor demand for high quality bonds as well as the CCSD’s strong credit profile as indicated by its strong, longstanding rating of Aa1 from Moody’s and AA+ from S&P.

Posted 12/12/24.