Board authorizes first $40 million of Measure M bonds, asks county to set tax rate for $200 million authorization

The San Marino Unified School District Board of Education on May 27 approved two resolutions that move the district toward selling Measure M general obligation bonds.

In separate roll-call votes the board authorized a request to the Los Angeles County Board of Supervisors to establish a tax rate tied to the district's voter-approved bond authorization and approved a resolution to issue and sell the first series of bonds — up to $40 million — from that authorization. District staff said the November ballot measure authorized up to $200 million; staff corrected a drafting error in the draft resolution that showed a different figure before the board vote.

The actions are intended to fund projects drawn from the district's facilities master plan. Steven Choi, who presented the items to the board, told trustees the $40 million would be the first issuance and that district consultants had modeled project budgets and cash flows to match the initial sale. The district plans credit-rating meetings, intends to close the sale in the weeks ahead and to wire proceeds into project accounts at closing.

Board members said they want the district to move deliberately but promptly. The board performed a Moody's rating presentation process in coming weeks, a step district staff said is standard before sale. Consultants present at the meeting said the district's credit profile and timing would be used to reduce interest-rate risk as much as possible.

Other finance items approved at the meeting included two interfund transfers: $500,000 from the general fund to the deferred maintenance fund and $2,281 from the general fund to the health and welfare reserve fund. District staff said those transfers align with the district's facilities and reserve strategies.

The district provided a series of next steps for the bond program: finalize offering documents, hold the credit-rating meeting, select underwriter/underwriting terms, and complete the closing. The board's approvals authorize staff to proceed with those documents and transactions.

Board members voting in favor were Song, Lam, Ryan, Gia, Chen and student board member Chloe Ta; the motions carried on roll call.

District staff and consultants at the meeting included Steven Choi and representatives from the district's bond advisors and underwriters. The board did not adopt additional project-specific budgets at the meeting; staff said those budgets will be refined and returned to the board for later review.