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Measure E program nears full bonding; trustees hear plan to bring $30 million forward to start projects earlier
Summary
Finance and facilities staff reported the Measure E program has captured about $309M of the voter‑approved $319M and proposed issuing a $30M series in 2026 to accelerate projects including a Woodbridge theater and the University High performing arts center.
District finance and facilities staff gave trustees an update on Measure E finances and a plan to accelerate some projects by issuing an additional series of bonds this year.
"We're able to bring some money forward," said the district’s finance lead, reporting the program has reached about $309,000,000 of the $319,000,000 approved by voters and that staff proposes bringing $30,000,000 forward in a 2026 bond sale (series 5) to begin construction work earlier on the Woodbridge high-school performing arts center and related projects.
Why it matters: accelerating bond proceeds changes the timing of construction and lets the district start priority projects sooner, but staff emphasized maintaining the district’s taxpayer rate promise and ensuring debt service remains supported by assessed valuation and prior series structures.
State grants and timing: staff reiterated that some state Proposition 2 modernization funds have been committed statewide and the district is on a wait list for modernization funding; new construction grants remain available and the district expects to capture about $27 million of new construction state dollars in the near term. Facilities staff highlighted that certain reimbursements previously flowed back to developer partners on Great Park projects where the developer initially financed school construction.
Program management: the presentation also described interest earnings accumulated in prior series (about $13.47M) and their planned use to help fund the University High School performing arts center and other Measure E priorities. Staff outlined an incremental phasing strategy for University High (increment 1: athletic relocations; increment 2: PAC construction) designed to maintain program continuity and athletic use during construction.
Trustee comments and next steps: trustees praised staff stewardship of bond funds, asked about timing constraints for additional series and urged public outreach to highlight accomplishments and efficiency gains; staff said they will return with formal resolutions and contract awards where required before construction begins.
