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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 proposed for May with proceeds to fund identified Measure L facility needs.
Staff also presented a COP (certificate of participation) refinancing and lease financing plan to repay and refinance certain prior COPs and to free up successor agency revenue for additional projects. Municipal advisors explained that an independent successor‑agency revenue analysis supports using those revenues to fully repay the COP structure and that the district’s GO rating (reported as AA) supports a competitive sale strategy that draws multiple bids.
During public comment, a district stakeholder asked about continuing disclosure and whether the district’s audited financials had been posted to EMMA (Electronic Municipal Market Access); business staff said IT issues with attachments had been resolved and that public attachments were available online and at the district office. The board approved the bond resolution (Resolution 2024‑25 No.22) and the COP authorization (Resolution 2024‑25 No.23) by unanimous vote.
The board also approved combining Measure I and Measure L citizen bond oversight committees and adopting new bylaws to govern the combined committee; staff described term lengths and vacancy plans for the oversight membership. Separately, the board approved an updated job description for the Senior Director of Facilities Maintenance and Operations to manage the expanded Measure L program, noting the position will be partly funded by Measure L.
All bond, COP and oversight resolutions passed on voice/roll‑call votes recorded as 5–0.
