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Bond consultant outlines steps after voters approved $110 million facility measure, board discusses $40 million initial sale
Summary
Consultant Dale Scott walked trustees through how a Proposition 39 general obligation bond approved by voters becomes cash: certifying results, forming a citizensoversight committee and the proposed first issuance of $40 million, with discussion of timing, tax impacts and oversight committee composition.
Dale Scott of Dale Scott and Company briefed the board on the legal and financial mechanics after voter approval of a general-obligation facilities bond in the amount of $110,000,000.
Scott explained the election approval itself only authorizes the district to issue up to the approved amount; funds are realized only when the board authorizes and the district sells a series of bonds. "Think of that $110,000,000...the voters are telling you...you have the authority to issue up to $110,000,000 of bonds," Scott said. He summarized the required next steps: certify the election result, create a citizen oversight committee under Proposition 39, pass a resolution authorizing the sale of an initial series of bonds and work…
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