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Board approves resolution to begin refinancing Measure E bonds
Summary
The Los Gatos‑Saratoga Union High School District board voted to authorize the resale and refunding process for Series B of the 2014 Measure E general obligation bonds; staff said the refinancing should not affect the general fund and taxpayer savings will be reported when sales complete.
The Los Gatos‑Saratoga Union High School District Board on a roll‑call vote authorized Resolution No. 2520 to initiate the resale and refunding of the Series B 2014 Measure E general obligation bonds.
Patrick (facilities) told the board the resolution starts the legal steps needed to offer refunding bonds and said, “For the public’s benefit there is no impact to the general fund as a result of this. The savings are entirely seen by the taxpayer.” Municipal advisor Chris Hyatt, participating online, outlined expected next steps: updated credit ratings in February, bond sale in March or April depending on market conditions, and a final closing later in the spring.
Board members moved and seconded the resolution and completed a roll call. President Bond, Vice President Singh, Clark Martinson, Trustee Chen and Trustee Davids each recorded “Yes.” The board did not specify an estimated dollar amount of savings because the final refunding pricing will determine the precise taxpayer benefit.
The district said it will report back to the board and public with the final savings amount once the refunding closes. The resolution also approved the preliminary official statement, escrow agreement and related documents needed to proceed with the sale.
Next steps: staff will meet rating agencies in February and bring the final sale results to the board after closing.
