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Financial advisors brief trustees on bond issuance, state waiver and near‑term financing timeline
Summary
District financial advisor outlined remaining bond authority, the need to repay a bond anticipation note, and a state waiver process required before issuing 2024 voter‑approved bonds. Board was told resolutions and market steps are planned over coming months.
The Newman‑Crows Landing Unified School District received a detailed debt‑management briefing from its financial advisor on needs for near‑term bond issuance and a state waiver the district must request before selling certain 2024 voter‑approved bonds.
Dale Scott, the district’s financial advisor, told the board the district has issued a bond anticipation note that comes due this year and that issuing additional long‑term bonds in the next few months will be necessary to repay that note and to fund planned improvements. He said the district has previously sold some bonds and still has unissued voter authority for additional bonds from past measures, and that some of the district’s outstanding bonds could be refinanced while others could not.
Scott outlined a multi‑step timeline: in April the board would be asked to adopt a resolution approving issuance of a second series (Series B) of bonds tied to the 2020 measure, rating and market steps would follow, and the district expected proceeds by roughly May to repay the anticipation note. Separately, Scott said the district must file a waiver request with the state to exceed a statutory debt limit (described in the Education Code as a 2.5% of assessed valuation cap) before it can issue the bonds the voters approved in 2024 (referred to in the presentation as Measures S and T). He characterized the waiver as procedural and said it is typically granted on a multi‑month schedule, with an anticipated decision by September.
Scott provided numerical context, saying the district had issued about $5 million of recent authority last year and that roughly $20.8 million remained available from an earlier measure; he also said the district has over $50–60 million of total voter‑approved but unissued bond authority. Scott said the county and bargaining units would be notified as part of the process and recommended near‑term board action on two formal items: issuance of the next 2020 series and initiation of the waiver application.
