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Sequoia Union board approves $132M bond issuance and program-management contracts for Measure W work
Summary
Trustees adopted a resolution authorizing up to $132 million in Series 2025 Measure W bonds, received the citizens’ bond oversight committee report, and approved contract amendments and contingencies to advance district facilities projects.
The Sequoia Union High School District board on Oct. 8 adopted a resolution authorizing the sale of Series 2025 general‑obligation bonds under Measure W and approved related contract actions and contingencies to advance facilities projects.
The board received the Citizens Bond Oversight Committee’s first annual report, which described committee formation, site tours and an audit that found sampled Measure W expenditures for FY 2023–24 complied with Proposition 39 requirements. Committee chair Alan Sarver noted the bond program is in early design phases and recommended steady annual reporting going forward.
Following that report, the board voted 5–0 to authorize a not‑to‑exceed par amount of $132 million for the Series 2025 issuance to fund Measure W projects. Staff and the district’s municipal adviser explained the structure: current‑interest bonds with estimated true‑interest cost of about 4.8% (a 6.0% TIC cap was set in the resolution as permitted maximum) and a repayment term intended to preserve future borrowing capacity in line with the tax‑rate assumptions provided to voters.
The board also approved several project‑related actions: a 10% increase to the district‑wide public‑address upgrade contract to cover compatibility issues and dead‑zone remediation, and a first amendment to the agreement with Kitchell CM to provide program‑management services (an added value that brings the total contract to about $6.5 million for three additional years). Both items passed by unanimous roll call.
Trustees asked questions about market timing, previous issuance yields and the district’s projected assessed‑valuation growth (staff noted a conservative 3.5% AV growth assumption in the schedule). Staff said the district expects rating‑agency meetings in mid‑October, pricing late October and closing in mid‑November.
Next steps: staff will complete rating‑agency briefings, post the preliminary official statement, and bring finalized financing documents to closing. The bond oversight committee will continue its calendar of site visits and annual reporting.
