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Board hears Measure ME timing and potential refinancing savings tied to first bond sale
Summary
District staff reported Measure ME (voter-approved $105 million) is set for a first bond sale after State Board review; the district expects to access roughly $35 million and potentially refinance about $25 million of prior debt, estimating about $2.2 million in present-value taxpayer savings if market trends hold.
District staff updated the board on capital financing plans tied to Measure ME, the voter-approved facilities bond.
Mister Herrera told the board that the district approved a bond waiver locally in September and expects the State Board of Education to consider it at their January meeting. Measure ME—passed by voters in November 2024—authorizes $105,000,000 for facility improvements, and staff projected a first bond issuance in 2026 that would likely access approximately $35,000,000 of the authorized funds.
Herrera said the district plans to use the initial issuance to refinance roughly $25,000,000 of existing voter-approved debt, which staff estimate could generate approximately $2,200,000 in savings in present-value dollars (he cited an approximate 8.3% present-value savings figure), with the final savings contingent on market conditions and final structure. Staff said they will return to the board in early 2026 with final bond-sale and refinancing details after State Board approval and market work.
No formal action was requested on Measure ME at the meeting; the presentation was informational and staff committed to providing final figures and a formal bond-sale recommendation after state approval and market evaluation.
