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Board authorizes up to $120M Measure L Series A bond sale and approves COP refinancing plan
Summary
Trustees approved a resolution to issue Measure L Series A general obligation bonds (up to $120 million) and authorized related certificate of participation refinancing; staff said successor agency revenues are projected to cover COP repayments and emphasized the district’s favorable credit ratings.
Trustees voted to authorize a package of financing actions to advance Measure L projects and refinance existing COPs.
Assistant Superintendent of Business Services introduced presentations from municipal advisors and bond counsel outlining a plan to issue the first series (Series A) of Measure L general obligation bonds with a maximum offering not to exceed $120,000,000. Financial advisors said the district’s assessed value growth and conservative assumptions support the plan; competitive sale was…
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