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Board authorizes Series A issuance for Measure EE, certifies election and expands oversight committee
Summary
Trustees certified the Nov. 5, 2024 Measure EE election, amended bond-oversight committee bylaws to include Measure EE and unanimously authorized a Series A bond issuance (not-to-exceed $95 million par) as part of a multi-series financing plan; staff will proceed with rating meetings and provide project lists.
The Los Altos School District Board approved a package of bond-related actions tied to Measure EE.
First, trustees formally certified the Measure EE election results from Nov. 5, 2024. Board members then voted to amend the citizens' bond oversight committee bylaws so the existing committee could review Measure EE expenditures alongside other active measures. Both actions were approved unanimously.
The board also approved Resolution 25/26-13 to authorize issuance of the first tranche (Series A) of Measure EE bonds. Staff described the financing plan and initial estimates: a not-to-exceed par authorization of $95 million, an estimated building fund deposit of about $94 million in the first series, a projected cost of issuance around $525,000, and a rough total repayment estimate near $211 million (estimates provided as preliminary). Staff said the district plans a rating-agency meeting in March and will price the bonds near that time; sale timing may be adjusted based on project cash-flow needs and market conditions.
District staff noted statutory and program constraints: bond proceeds must be spent towards voter‑approved projects and typical program pacing affects when subsequent series can be issued. Trustees said strong reserves and fiscal discipline supported a favorable bond rating, which would lower long-term taxpayer costs.
Ending: The board unanimously approved certification, bylaws amendment and authorization to pursue Series A sale; staff will return with a project list, updated schedules and pricing information as the sale approaches.
