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Monrovia board hears healthy bond outlook; district project draws, PA and clock upgrades planned
Summary
Presenters told the Monrovia board Measure MM bond funds and additional state grants leave the district in a strong position, with upcoming draws, potential refinancing savings and roughly $10 million earmarked for PA, bell and clock systems; designs for facilities (including the pool) were promised on Sept. 10.
District bond consultants told the Monrovia Unified School District board the district’s Measure MM bond program remains in a healthy position, with upcoming draws, available state modernization grant funds and potential refinancing savings on older bond issues.
Presenter Jason Chung summarized recent activity and market conditions and said refinancing a 2015 bond could reduce the interest rate from about 4.6 percent to about 2.6 percent; presenters said any savings from refinancing would be returned to taxpayers, reducing future tax bills while preserving funds for capital projects. Consultants said about $25 million remains available for the next draw and that roughly $10 million of program funds would be used to ensure each campus has operational public-address (PA), bell and clock systems.
Why it matters: The bond funds and state modernization grants determine which facility projects the district can complete. Presenters emphasized bond rules restrict bond proceeds to infrastructure projects, not personnel costs, and noted cosmetic work such as painting or landscaping might not qualify for bond money.
Facilities work planned and timing: Consultants (including Dixon and Associates as project oversight) outlined multiple funding sources and two more future draws. They said designs for prioritized projects, including the Monrovia High pool and PA/clock upgrades, should be available for the Sept. 10 meeting. The board and presenters repeatedly urged that eligible projects be submitted for state grants in parallel with bond draws to secure matching funds.
Outstanding details: Exact construction start dates and final project budgets for the pool and other site work were not released at the Aug. 27 meeting. Board members asked that district staff return with specific drawings and cost estimates once designs are finalized.
