Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bonds And Finance topic
No spam. Unsubscribe anytime.
Board approves sale of 2025 bond anticipation notes and interfund borrowing resolution
Summary
Trustees voted 4‑0 to approve a resolution to issue 2025 bond anticipation notes to access Measure R bond authorization funds now and approved interfund borrowing and reimbursement resolutions to cover potential timing gaps.
The Santa Rita Union School District board voted unanimously to approve a resolution to issue 2025 bond anticipation notes (BANs) and related interfund borrowing and reimbursement resolutions intended to maintain funding continuity for district construction projects.
The action matters because district voters previously approved Measure R, authorizing approximately $24.9 million in general obligation bonds; after a 2023 sale of Series A bonds of roughly $9 million, the district has about $15.9 million remaining under Measure R and is preparing to sell Series B and to issue BANs to access the remaining funds sooner. Staff said issuing BANs now — about $7 million remaining beyond the planned Series B sale — would let the district lock in current construction prices and continue projects without waiting for a later bond sale.
Staff (district finance) explained that selling BANs ahead of a planned 2030 Series C sale allows the district to lock in pricing and maintain project timelines amid rising construction costs. The presenter said the resolution to issue the BANs had been introduced previously as a first reading and that the BANs would be repaid under the general obligation bonds when those bonds are issued.
Trustees also approved two companion resolutions: one authorizing potential interfund borrowing and a reimbursement resolution. The presenter said interfund borrowing would allow the district to temporarily move approximately $1,800,000 from Fund 40 (capital/facilities) to Fund 21 (bond fund) if a timing gap occurs between expenditures and bond sales; those funds would be returned to their original source once bond proceeds were received.
A board member asked whether moving the BANs or borrowing would accelerate some projects; staff said the primary effect was to keep bond‑funded projects on the planned timeline and avoid delays caused by waiting for later bond sales or uncertain state matching funds. The motions were approved by voice vote; the transcript records the outcome as “Motion 4 0.”
