Board approves $100M tax and revenue anticipation notes; summer supplemental funds explained and consent-calendar votes taken

The Board of Education authorized issuance of one or more series of 2011 tax and revenue anticipation notes (TRANs) in an aggregate principal amount not to exceed $100,000,000. Staff said the notes were expected to generate roughly a 0.6% yield including issuance costs and that the district’s S&P and Moody’s short-term ratings are SP-1+ and MIG 1, respectively. The resolution authorizing the notes passed on roll call (seven ayes).

Earlier in the meeting the Citizens Bond Oversight Committee presented its annual audits for the 2006 Measure A and earlier bond measures and reported no material non-compliance; the committee recommended a time study for two staff members who split duties across bond and general-fund work.

The board also handled consent calendar items including several K resolutions authorizing state supplemental (Title IV/21st Century/ACES) funds for summer programming. Excel After School staff explained that the supplemental category is earmarked specifically for out-of-school time (summer) programs and is reimbursed at a per-student rate; sites receiving funds are designated by the California Department of Education and principals may use a mix of certificated staff and community-based organizations. Staff agreed to provide commissioners with a listing of which sites will operate full-day programs with matching local funds.

Votes on severed consent items (including K7, K8, and K14–K33) were taken by roll call and recorded as seven ayes. Several commissioners asked staff for clarifying tables showing principal discretionary funds and matching funds for summer programs.