Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Measure H Bond topic
No spam. Unsubscribe anytime.
Measure H Series A bond sale nets $40M for Brea Olinda projects; Citizens'Oversight Committee to meet quarterly
Summary
District officials reported a successful Series A sale of Measure H bonds, reaffirmed the district's AA2 rating, and outlined near-term facilities projects including a Performing Arts Center retrofit and campus perimeter fencing; the board accepted multiple completed Measure H projects and approved oversight and next steps.
The Brea Olinda Unified School District won favorable terms on its first tranche of Measure H bond sales and moved forward on several facilities projects at its Sept. 11 board meeting.
Assistant Superintendent Rick Champion said the district sold a Series A tranche of $40 million after meeting with Moody's to reaffirm creditworthiness; Moody's issued an AA2 rating for the district, and the competitive sale included a premium that reduced net interest costs. Champion estimated the sale will save approximately $3.7 million in interest expense over the 30-year life of the issue.
Champion outlined that the district will not sell the full $160 million authorization at once and that bond proceeds are restricted to authorized facilities purposes under Proposition 39. He also announced the Citizens'Oversight Committee (COC) will operate with published bylaws, quarterly meetings and public minutes; materials and a COC calendar will be posted to the district website.
Facilities director Jeff Frato described an ongoing retrofit of the Brea Olinda High School Performing Arts Center to replace aging systems and install LED lighting and upgraded emergency systems. The district said it worked to minimize program interruptions by arranging alternative venues and coordinating with neighboring districts such as Fullerton Joint and Pacific Yorba Linda for scheduled events.
The board accepted completion of several Measure H-funded summer projects (roofing, flooring, paving, painting and kitchen upgrades) by motion, allowing staff to release the related retention and move those projects toward close-out. Champion said the district has submitted or will submit projects for state matching funds, which requires an updated facility master plan and a public survey the district plans to circulate.
What's next: the district will publish COC materials and meeting dates, continue construction sequencing for the high school Performing Arts Center, and seek state facility funding tied to an updated 5-year master facility plan.
