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Beaumont Unified board authorizes special-tax bonds for two CFD improvement areas
Summary
After a Fieldman & Associates presentation on development and finance, the Beaumont Unified board adopted resolutions authorizing 2025 special-tax bonds for Community Facilities District 2022‑1 improvement areas 1 and 2 and approved a related wire-transfer resolution; votes carried with one abstention recorded.
The Beaumont Unified School District board on Jan. 21 authorized the issuance of special-tax bonds for two improvement areas within Community Facilities District (CFD) 2022‑1 and approved related transactional actions after a presentation from Fieldman & Associates.
Anna Sarabian, a financial advisor with Fieldman & Associates, briefed trustees on the municipal market and the district’s two improvement areas. Sarabian said both improvement areas are planned for single-family homes and reported development progress: Improvement Area 1 is planned for 132 homes (98 homes closed as of Jan. 1, about 74% closed to individual homeowners) and Improvement Area 2 is planned for 287 homes (transcript records 290 homes closed; presentation indicated roughly two-thirds closed). She outlined proposed financing: a request not to exceed $3.5 million for IA1 and $6.5 million for IA2, with projected project-fund proceeds of about $1.98 million for IA1 and $4.46 million for IA2. Sarabian also cited preliminary good-faith estimates and interest-cost projections (roughly 4.88% for IA1 and 4.86% for IA2) and said offering documents would be posted this week, targeting pricing at month-end and closing by Feb. 13.
Following the presentation, the board considered two resolutions to authorize issuance of 2025 special tax bonds (resolutions 2024‑2513 for IA1 and 2024‑2514 for IA2). Trustees moved and seconded the motions (mover noted as Lance; second noted as David for IA1); both motions "carried" with one abstention recorded. The board also adopted resolution 2024‑2515 authorizing the wire transfer of funds for CFD 2022‑1 (IA1 and IA2); that motion was moved by Susie and seconded by Lance and carried.
Board discussion on the item was limited in the meeting record; Sarabian answered questions during the presentation and emphasized that the bonds being issued now would be the only series for each improvement area unless refunding were needed in the future. The resolutions and related documents will proceed to market according to the schedule the financial advisor outlined.
Actions recorded in the meeting packet (bond resolutions and wire-transfer authorization) were approved at the Jan. 21 board meeting.
