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Santa Maria‑Bonita board authorizes Measure K financing steps and first bond series
Summary
The board approved resolutions to place estimated debt service on county tax rolls and to authorize a first $15 million bond series as part of the voter‑approved $77 million Measure K program, enabling the district to move forward with planned school facility projects.
The Santa Maria‑Bonita School District Board on May 14 approved resolutions authorizing initial steps to finance Measure K, the voter‑approved program to modernize and build school facilities. District staff said the voter authorization totals about $77 million and the board approved actions to provide estimated debt‑service schedules to Santa Barbara and San Luis Obispo counties so the tax rate can be set in advance of bond sales.
District counsel and finance advisors said the bonds will be issued in tranches rather than as a single sale to preserve the promised tax rate and to meet tax‑exempt spending deadlines. Don Field, attorney with ORIC, told the board the counties have deadlines in June and that an estimated debt‑service schedule will allow the first series to be added to the 2025‑26 tax roll. The board was told the district plans a first series of up to $15,000,000 and will structure future series as needed.
Board members asked procedural and timing questions; staff said bond proceeds will be spent over multiple series and the district’s finance team will publish the official notice of sale for underwriting firms. The resolutions approved documents such as the preliminary official statement, the official notice of sale and a continuing disclosure certificate that obligates the district to provide annual financial information to investors.
The board moved, seconded and approved the financing resolutions. The action authorizes district officers to complete the financing steps necessary to proceed with the first bond offering. Staff said the sales and final terms will be determined by market bids and the district’s officers under the parameters approved by the board.
