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Board approves bond issuances, beyond‑bonding resolution and certifies five‑year facilities master plan
Summary
Trustees authorized issuance of Measure D series D ($8.76 million) and Measure A series E ($2.25 million), adopted a resolution noting applications may be "beyond bonding authority," and certified the district's five‑year Facilities Master Plan required for state funding applications. All motions passed 5‑0.
Pacific Grove Unified School District trustees on Oct. 2 approved a series of actions tied to capital funding and the facilities master plan.
Business staff asked the board to authorize issuance of Measure D general obligation bonds, election of 2020, series D, for $8,760,000; the board also approved related financing documents and a negotiated sale structure. Staff disclosed an estimated cost of issuance of approximately $180,000. Trustees approved the issuance 5–0.
The board also authorized a release of Measure A (technology) bonds, series E, for $2,250,000 with an estimated cost of issuance of about $168,000 to provide cash flow for planned technology expenditures and EdTech committee spending. Trustees approved the measure A issuance 5–0.
Staff explained that Proposition 2/SB50 funding is oversubscribed and asked the board to adopt a resolution informing the State Allocation Board that when the district applies for matching funds, the application may be placed in an unfunded (beyond‑bonding) queue; the board approved that resolution 5–0. Staff said the State Allocation Board publishes beyond‑bonding lists and that an unfunded approval can move into funded status if other projects fall away.
Finally, trustees certified the district's five‑year Facilities Master Plan required by the Office of Public School Construction before submitting project applications. Staff reminded the board that the master plan must be updated and reapproved every five years to remain eligible for programmatic funding. The certification passed 5–0.
