The public school district in San Bernardino, Calif., plans to sell $152 million in bonds for repairs and improvements this week, its first issue since the separate city government filed for bankruptcy last year, Bloomberg News reported yesterday. Voters in the San Bernardino City Unified School District, California’s eighth-largest, with more than 54,000 students, authorized $250 million in bonds in November to replace roofs, upgrade wiring and lighting, and add libraries. The vote came as San Bernardino, which is financially independent, struggled to cut spending after becoming the second-largest U.S. city to seek protection from creditors. While the city skipped a $1 million interest payment on pension bonds, Moody’s Investors Service rates this issue from the school district A2, its sixth-highest level, bond documents show. Standard & Poor’s grades it A, also sixth-highest.
