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Clovis Unified board approves up to $125 million in GO bonds, adopts related refunding and debt-service resolutions
Summary
The Clovis Unified Governing Board unanimously approved three resolutions May 21 to authorize the issuance of up to $125 million in General Obligation bonds, approve refunding bonds to lower interest costs, and set the annual debt-service estimate and tax rate. Motions passed 7-0.
The Clovis Unified School District Governing Board on May 21 unanimously approved three bond-related resolutions that, together, authorize bond issuance and take steps to refinance outstanding debt.
Board President Yolanda Moore called the meeting to order, and the Board later adopted Resolution No. 4046 authorizing the issuance and sale of General Obligation (GO) Bonds, Election of 2024, Series A, in a principal amount not to exceed $125,000,000. The motion to adopt Resolution No. 4046 passed 7-0; the motion was moved by Board Member Steven Fogg, M.D., and seconded by Board Member Clinton Olivier.
In the same series of votes the Board adopted Resolution No. 4047 authorizing the issuance and sale of refunding GO bonds to refinance outstanding bonds (Election of 2012, Series D) with the stated goal of achieving interest-cost savings; that motion passed 7-0 after being moved by Board Member Olivier and seconded by Board Member Wilma Tom Hashimoto. The Board also adopted Resolution No. 4048, which authorizes the district’s debt service estimate and establishes the annual tax rate for bonds; that motion passed 7-0 (moved by Board Member Fogg, seconded by Board Member Tiffany Stoker Madsen).
Why it matters: GO bond proceeds typically fund school construction, modernization and related capital projects. Adopting the debt-service estimate and authorizing bond issuance are procedural steps that enable the District to proceed with sale documents, an official statement and contracting with underwriters or trustees when the District determines market timing is appropriate.
What the Board approved and what happens next: Resolution No. 4046 sets a not‑to‑exceed principal amount of $125,000,000; the Board approved authorization to execute a Bond Purchase Agreement and Official Statement and related documents. The refunding resolution (No. 4047) is intended to refinance specified outstanding bonds to reduce interest costs, and Resolution No. 4048 establishes the debt-service estimate and the tax rate calculation used to support bond issuance. Board minutes show each resolution was approved by recorded motion and passed by unanimous recorded vote.
Items still scheduled for public review: The Board scheduled a public hearing for June 11, 2025, to consider a School Facilities Needs Analysis (SFNA) to set Level II developer fees; that hearing was scheduled at this meeting but the SFNA and any fee change were not adopted on May 21. The agenda also lists proposed district budget actions and other information items that were presented for future Board action rather than voted on at this session.
The Board recorded formal adoption of the bond resolutions and will take the administrative steps authorized by those resolutions to effectuate issuance and any refunding transactions.
