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Board certifies 2011 bond election, clearing way to issue $531 million in bonds
Summary
The San Francisco Unified School District Board certified proceedings from the Nov. 8, 2011 bond election, enabling the district to move forward with issuing up to $531 million in general obligation bonds and establishing an independent citizens oversight committee; vote was unanimous.
The Board of Education on Jan. 24 adopted a resolution certifying all proceedings for the district’s Nov. 8, 2011 bond election and declaring passage of the bond proposition, clearing the way for the district to begin issuing bonds under that authorization.
David Golden, a district bond official, told the board that the Board of Supervisors unanimously certified the election earlier that day and authorized the district to issue approximately $531,000,000 worth of bonds. Golden described the resolution as the formal step that allows staff to proceed to the next phase: preparing the first bond issuance for board consideration.
Deputy Superintendent Lee explained that the resolution also affirms formation and appointment of an independent citizens’ oversight committee and confirms the district’s intent to reimburse certain pre-issuance expenses from bond proceeds. Board members asked staff about extending a project labor agreement to the new bond program; district staff said they intend to begin talks with the trades council in the coming month and will report back on the distribution between union and nonunion contractors.
The board voted by roll call and recorded six ayes, certifying the election proceedings and authorizing staff to proceed toward the first bond issuance. Deputy Superintendent Lee said staff expects to bring a resolution authorizing the first bond issuance to the board at its February meeting.
What’s next: Staff will prepare the financing resolution for the first issuance; the district will form the independent citizens’ oversight committee and coordinate required reporting and reimbursement steps as the program is implemented.
