Board authorizes up to $25 million in COPs to finance district solar, HVAC and EV infrastructure

The Western Placer Unified School District Board of Trustees voted to authorize the use of certificates of participation (COPs) to finance a district energy project, the board was told Thursday. The resolution approved limits the financing to $25 million and authorizes interest of up to 5.5 percent while leaving final pricing to a July bond sale.

District and finance staff said the project combines solar installations at five campuses, replacement of about 5,000 lighting fixtures districtwide, new EV charging infrastructure to support four electric buses, and an HVAC replacement at 12 Bridges Middle School. Jeff Small of Capital Public Finance Group, who presented the financing plan, told trustees the district will use a lease/leaseback structure and two-series bond approach so federal tax credits can be applied and the portion tied to the tax credit (series B) can be prepaid when the credit is received.

District staff said the project will be financed using a lease/leaseback structure commonly used for non‑voter debt in California. According to the presentation, two district sites — described as having…