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Los Banos Unified trustees approve final Measure X bond sale, $40M refunding authorization and multiple construction actions
Summary
The Los Banos Unified School District board unanimously approved a final Measure X bond sale authorization (up to $21.5 million), a separate refunding authorization (up to $40 million), adopted developer fees after a public hearing and approved several construction-related bid actions and contract amendments.
Los Banos Unified School District trustees on a unanimous roll-call vote approved several major financing and construction items at their May meeting, including authorization to issue the final series of Measure X general obligation bonds and a separate refunding bond authorization.
At the start of new business, district staff requested adoption of tax resolution 10-25 to provide for issuance and sale of the 2018 Measure X general obligation bond series 2025 in an aggregate principal amount not to exceed $21.5 million. Trustees then approved resolution 11-25 to authorize the issuance and sale of 2025 general obligation refunding bonds in an aggregate initial principal amount not to exceed $40 million. Both measures were presented as financing steps to complete projects already underway with Measure X proceeds.
Trustees also adopted resolution 9-25 after an open hearing to establish level two and level three developer fees under state law (government code sections 65995.5 and 65995.7). The public hearing was opened and closed with no speakers and the board adopted the fees by roll call.
The board authorized the Los Banos High School modernization project to be bid under a multi-prime competitive approach and approved a set of bid awards and contract authorizations tied to district construction programs. Members awarded the Pacheco High School Farm CIG project to TBS Contractors (paid from CIG grant funds) and approved an amendment to the architectural services agreement for the Volta modernization project to reflect a fee increase based on actual bid results.
All motions in this package were adopted by roll-call; the clerk recorded affirmative votes by the full board at the time of each item.
What happens next: The district will move forward with the bond sale and refunding process as authorized, advertise and award the modernization bid packages, and proceed to execute the Pacheco High School contract and the architectural amendment. Staff indicated the refunding and bond-sale paperwork and bond purchase agreements will be completed in follow-up actions.
