Davis School Board authorizes sale of $100 million in general-obligation bonds

The Davis School District Board of Education voted to authorize the issuance and sale of $100,000,000 in general-obligation bonds to fund ongoing construction and renovation projects.

Board business administrator Tim Leffel told the board the district has already issued $300 million and that the new sale will bring total issuance to about $400 million of the $475 million voters approved. "We issued a 100,000,000 about 9 months ago, and we've already spent it," Leffel said, adding the new bonds will fund elementary work, CTE centers, high school projects and other items on the capital plan.

The board moved and approved a resolution authorizing the sale. The resolution does not change the voter-approved total authorization; instead the sale is a scheduled issuance to continue projects already approved by voters. Business staff said the final tranche after this sale will be approximately $50–60 million after premium is applied.

Leffel described the district's plan as a sequence of bond issuances tied to construction pacing: "As we continue on with the bond projects, it's time to issue the next 100,000,000." He said bond proceeds will fund the elementary projects referenced earlier in the meeting and completion of CTE centers and late-stage high school work.

The board president called for the motion, the board approved the resolution by voice vote and the staff will proceed with the sale process.

Notes: The board cited the voter-approved $475 million authorization as the overall limit; this action authorizes a scheduled sale within that authorization rather than a new or expanded tax pledge.