Laguna Beach Unified board pulls $23 million certificates-of-participation item from agenda

The Laguna Beach Unified School District Board of Education voted Tuesday evening to remove Item 11B — a resolution authorizing the execution and delivery of certificates of participation (COPs) — from its agenda so trustees could take more time to review the proposal before considering roughly $23,000,000 in financing.

Board members said the late change was intended to give newer trustees time to study the technical and fiscal details and to avoid disappointing members of the public who might have expected the item to be heard. “I don't know the reason. ... there's probably students coming tonight who wanna talk about the COP,” Trustee Malcheski said, urging caution about pulling an item that members of the public had come to address.

The request to remove the item was introduced by staff after a board member asked for it to be pulled. “Staff has received a request from a board member to pull item 11 b regarding a resolution that allows the execution and delivery of certificates of participation,” meeting staff member Dixon said. Dixon offered to answer questions and to work with the district’s financial adviser, Mr. Zadeh, on technical details between meetings.

Another trustee who arrived late told the board the measure should be postponed so newer members could have more time to learn the issue and so the board could be "fiscally responsible" on a matter involving $23,000,000. That speaker supported moving the item down the calendar, saying it would “have a better chance of passing if there was a chance for the newer board members to understand the CLP.”

Trustees voted to pull Item 11B and then voted to adopt the remainder of the agenda as amended. After the agenda votes, the board moved into a closed session.

No projects tied to the COPs, bond terms, repayment sources, or timetable were specified during the public discussion. Dixon told trustees to submit questions in the interim and said staff and the district’s financial adviser could provide additional information before the board next considers the measure.