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PGUSD board approves $18M refunding and $26M Measure B Series A bond issuance
Summary
The board voted to refinance prior general obligation bond series to save taxpayers an estimated $800,000–$1,000,000 and approved a $26 million first series issuance under the 2024 Measure B program, proceeding with placements and budget steps to kick off multi-year capital work.
The Pacific Grove Unified School District Board adopted resolutions authorizing a 2026 refunding of two prior general obligation bond series (issued 2015 and 2016) and approved the first series issuance under 2024 Measure B.
Assistant Superintendent Jordan explained that the refunding covers two prior series linked to a 2006 measure, totaling about $18,000,000. Bond consultant Joe Crump said the refunding will act like a "refinancing a mortgage" and is expected to save district taxpayers roughly $800,000 to $1,000,000 in interest while creating tax-rate room for upcoming bond releases. "These are savings... that will accrue to district taxpayers," Crump said.
The board then considered Resolution 1189 to issue Measure B Series A bonds: a $26,000,000 release from a $78,000,000 Measure B program. The district intends multiple subsequent releases to fund design, procurement, and phased construction; staff said this front-loaded release covers early procurement and soft costs. Both measures were approved by roll call: the refunding resolution carried and the Measure B Series A issuance was adopted unanimously.
Next steps include presentations to the Citizens Bond Oversight Committee and Facilities Advisory Committee before subsequent series releases, and staff flagged a planned schedule to bring a project phasing timeline back to the board.
