San Ysidro trustees approve multiple bond resolutions, move to issue initial $4.3 million series
Summary
After a presentation from bond consultant Dale Scott, the board voted on a series of resolutions to certify election results for measures MM, KK and LL and authorized the first series issuance of roughly $4.3 million as part of voter-approved general obligation authorizations.
The San Ysidro School District governing board on Nov. 13 moved through several resolutions to certify recent general obligation bond election results and to authorize the first issuance of bond series tied to voter measures.
Dale Scott of Dale Scott & Company briefed trustees on the district’s assessed valuation, the structure of previously authorized measures and the mechanics of issuing bonds in series. He said voters authorized $12.9 million for Measure MM and the board was being asked to approve an initial series of roughly $4.3 million as a first issuance; that series would create a tax levy only on the sold amount, not the entire authorization.
Following the presentation the board considered multiple resolutions listed on the agenda, including certification of election results and authorizations of issuance for school-facilities improvement district bond series. The agenda shows several resolution numbers and principal-amount limits (for example, one resolution listed a principal amount not to exceed $22,830,000 for a Measure KK series; another cited $22,160,000). Staff and the consultant explained that bonds are sold in tranches and taxpayers are not charged until a series is sold.
Trustees voted in favor of the listed resolutions by voice/roll-call votes recorded in the transcript as "Aye," and the president declared the motions passed. One trustee asked for a later presentation showing how the district would prioritize projects funded by the bond proceeds; staff said that allocation of spent proceeds would be brought forward when the board decides to issue funds.
What happens next: If the board proceeds with sale, staff will work with underwriters to price the bonds in early January and bring the official statement and sale documents to the board as required by law.
Provenance: topicintro SEG 633, topfinish SEG 2187.
