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Municipal adviser outlines bond options for Los Banos Unified and urges conservative assumptions
Summary
Fieldman Rolapp & Associates advised trustees that Los Banos Unified has statutory bonding capacity but $77 million is outstanding; depending on tax-rate choices a future measure could generate roughly $60M–$122M. The adviser recommended voter surveys and conservative assumptions before placing a measure.
Adam Bower, the district’s municipal adviser, briefed trustees on school bond options and the mechanics of Measure X and related capacity.
Bower explained that assessed value (AV) — not sales price — determines the tax base and noted Prop 13 limits on AV growth for unchanged properties. He said the district’s statutory gross bonding capacity is roughly $159 million and that about $77 million of bonds are currently outstanding, leaving room for additional issuance if voters approve measures. "This building would have a zero assess value for tax purposes ... that's why you don't get a tax bill with things like General obligation bonds," Bower explained when describing AV and exempt properties.
Scenarios and timing: using conservative assumptions (4% AV growth in examples), Bower showed issuance scenarios ranging from about $60 million to $122 million depending on the tax rate the board opts to ask voters to approve. He walked trustees through layering bond series over time rather than issuing all proceeds at once and described how prior measures (including the 2018 Measure X series) can be factored together to remain under a self‑imposed tax‑rate goal.
Survey and planning recommendation: Bower emphasized the need to test voter price sensitivity with a survey before setting a dollar goal. He urged the district to plan earlier rather than later, noting that much of the campaign work begins nearly a year in advance and that November election cycles historically produce stronger turnout for school measures. "You are not making any decision tonight," he told trustees; "you have an estimate — voters decide." He recommended waiting to analyze November results and a survey before recommending whether to pursue a June or November 2026 ballot.
Next steps: Bower said the next practical steps are feasibility work, community outreach and a voter survey; if the board chooses to proceed at a future date each bond issuance would later come back to the board for approval.
The board did not set a deadline or authorize a measure at this meeting; trustees asked clarifying questions about tax‑rate examples and timing.
