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Board hears bond options and unanimously approves purchase of railroad property for CTE expansion
Summary
Financial adviser presented district assessed‑value, bonding capacity and tax‑rate scenarios; trustees unanimously approved purchase of 5.7 acres (railroad property, APN 003160026) in Atwater for $5.52 million with contingency and credit for a prior $1.2M option payment.
Dr. Wymer introduced an in‑depth briefing on the district’s capital options and assessed value, then turned the presentation over to the district’s financial adviser, John of Advisors.
John told the board that the district’s total assessed value is approximately $21.9 billion and outlined how state debt limits apply (1.25 percent of assessed value for high‑school districts) to produce a theoretical debt limit of about $274 million. He said outstanding general obligation bond debt totals roughly $130.9 million, leaving a net capacity of about $143 million under the debt limit.
John presented three illustrative tax‑rate scenarios — $19, $25 and $30 per $100,000 of assessed value — and associated proceeds ranges (roughly $136 million to $216 million). He cautioned the numbers were illustrative and recommended a two‑part process for planning (quantitative phone surveys and qualitative stakeholder outreach) to determine timing, tax rate and the mix of projects. He said survey costs typically run between roughly $17,500 and $25,000 depending on length and detail.
During questions trustees asked about timing and turnout; John explained that June primary turnout typically runs about 22 percent while November general turnout is closer to 38–40 percent, and said timing should be chosen based on survey results and the district’s ability to persuade mid‑propensity voters. He also described School Facility Improvement Districts (SFIDs) as an alternative that lets communities vote on localized measures and keep proceeds within SFID boundaries.
Following the bond briefing, the board considered an action item to exercise the 2022 option and purchase a 5.7‑acre parcel identified as APN 003160026 (the railroad property) in Atwater. Dr. Wymer and staff recommended approving purchase at $5.52 million with a contingency of up to 7.5 percent and delegated authority to the superintendent or designee to finalize the transaction. Board members noted $1.2 million already paid in 2022 would be credited toward the purchase price. The motion to approve the purchase passed unanimously.
The board did not set a bond measure or tax rate at the meeting but trustees signaled interest in following John’s recommended process — a survey and stakeholder outreach — to establish timing and scope for any future bond measure tied to district facilities needs.
