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Measure H advisory committee says bond expenditures are consistent with terms, urges monitoring of tranche deadlines
Summary
The Measure H advisory committee reported to council that expenditures are consistent with bond terms, noted $19 million in authorizations with tranches issued as market conditions permit, and urged monitoring of a deadline in November 2025 for obligating certain proceeds.
Chris Warner, chair of the Measure H advisory committee, briefed the council on committee activity and compliance monitoring for the Measure H general-obligation bond. Warner said the committee had met periodically since 2023 and that, "generally, we found that all expenditures have been consistent with the terms of the bond offering." He credited staff (Manny/Mandy and Joe Leach) for ongoing project updates and said the committee—s role is advisory and statutorily required for the bond.
Warner and staff discussed tranche timing: the bond program authorizes approximately $19 million in GO bonds; the first tranche has been issued and not fully spent (Warner and staff indicated roughly $5 million was issued for tranche one with about $2 million in expenditures to date). Councilmembers asked whether the city was obligating proceeds quickly enough; staff acknowledged projects were not being developed fast enough to obligate proceeds and emphasized the timing is market-dependent.
Warner said there is no deadline for issuing tranche two and three, but that certain restrictions and spend-down deadlines for tranche one warrant monitoring, and he recommended staff provide a close update to council as November 2025 approaches.
Ending: Council accepted the advisory-committee update and asked staff for periodic updates on spending and tranche timing so council can exercise oversight.
