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Santa Rita board begins sale process for bond anticipation notes, approves Series B bond step and GVMS contractor
Summary
The Santa Rita Union Elementary Board held a first reading on issuing 2025 bond anticipation notes against 2030 Series C, approved steps to issue Series B general obligation bonds and named Premier Builders best-value contractor for the Gavilan View Middle School portable replacement project.
The Santa Rita Union Elementary Board took steps on Friday to accelerate capital funding and construction for district projects, holding a first reading on issuing 2025 bond anticipation notes, approving initiation of a Series B general obligation bond sale process, and awarding a lease–leaseback contract for Gavilan View Middle School’s portable replacement.
In the first reading on a resolution described as “resolution 2 5.06 0.11,” staff said the district is considering selling bond anticipation notes to access a portion of its Series C bond proceeds earlier than the previously anticipated 2030 sale, citing rising construction costs and project delays. Staff characterized the move as a cost-management step to avoid interim loans.
Separately, the board approved adoption steps for the district’s 2022 election general obligation Series B bonds, authorizing staff to proceed with the sale process and related financial documentation. The board was told the process will mirror the district’s earlier Series A sale and will include credit reviews and detailed financial reporting to underwriters.
On construction contracting, the board approved awarding the Gavilan View Middle School portable replacement lease–leaseback contract to Premier Builders after a best-value evaluation that drew three responsive bids. Staff said the selection was based on best-value scoring and cost. The board approved the contract award by a 4–0 roll-call vote.
Board members and staff emphasized the timing concerns tied to market interest rates and construction inflation; staff said moving forward now offers “a more cost effective measure” compared with taking out short-term loans. The district scheduled further action and financial documentation to return to the board at a July meeting.
