Midpen offers public sale of green bonds to fund Measure AA open space projects
The Midpeninsula Regional Open Space District will offer approximately $50 million in “green bonds” for sale to the public on February 1, 2018. Proceeds will fund voter-approved projects that preserve, restore and provide access to the more than 63,000 acres of natural open space Midpen manages on behalf of the public. The sale of these bonds was approved by local voters who passed Measure AA in 2014.
“The bonds give the public an opportunity to make a ‘green’ investment in their community and quality of life by helping preserve, restore and open local public open space,” said Midpen’s Acting General Manager Ana Ruiz.
Midpen is a California Special District supported primarily by local property taxes. The sale of these voter-approved bonds allows Midpen to borrow funds for public open space projects, and repay them with interest over the life of the bond using property taxes.
Green bonds are a relatively new category in the municipal bond market supporting environmentally beneficial purposes like renewable energy, clean water and open space preservation. Midpen’s bonds carry AAA ratings from both Standard and Poor’s (S&P) and Fitch Ratings, which is the highest credit rating available and means they are considered among the safest investments.
Photo courtesy of Midpeninsula Regional Open Space District