Oakrove Board Authorizes Sale of Up to $71.5 Million in Measure P Bonds to Fund School Modernizations

The Oakrove School District board voted Dec. 11 to authorize the issuance and sale of up to $71.5 million in Measure P general obligation bonds (Series B), the second tranche of voter-approved Measure P funds.

Associate Superintendent Evans and municipal advisor Emilio Flores of CFW Advisory Services briefed the board on the transaction timeline, credit considerations and projected repayment. Flores said the district aims to price bonds in January and close in February, with proceeds deposited into the construction fund to pay for upcoming modernization projects. "We're targeting a date sometime in January," he told trustees, adding that investors include institutional buyers such as mutual funds and insurance companies.

Staff explained the issuance fits within the voter-authorized $236 million Measure P program and that assessed valuation trends have provided capacity to issue the bonds without increasing the combined tax rate above the election commitment. The presentation noted an estimated total repayment on a $71.5 million sale of roughly $139 million over time, equating to an approximate 1.95:1 repayment ratio under current assumptions.

The board approved the resolution to move forward with the sale and authorized staff to finalize the preliminary official statement and bond-purchase agreements with underwriters. Trustees were briefed on contingencies, including credit-rating outcomes and the possible use of bond insurance if rating changes materially affected market pricing.

Superintendent and finance staff said funds would be allocated to planned modernization projects, including site work slated to begin in summers 2026–2027. Trustees asked staff to continue monitoring market conditions and return with final pricing and a closing timeline once underwriter proposals were received.