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Glendora board approves bond refunding resolution and accepts annual developer‑fee report
Summary
Trustees voted to authorize issuance of 2025 refunding general obligation bonds expected to save taxpayers about $131,000 per year (gross NPV ~$493,000) and accepted the developer‑fee annual report showing $519,613 collected for 2024–25 and an ending fund balance of $4,575,531.
The Glendora Unified School District Board of Education on Thursday approved a pair of finance items intended to lower long‑term borrowing costs and document local developer‑fee collections.
Refunding bonds: Financial adviser Adam Bower told trustees the district can refund a 2015 general‑obligation series and lock in taxpayer savings because interest rates have declined. Bower said the plan would yield roughly $131,000 in annual savings with gross savings of about $527,000 and net present value near $493,000. He also noted the district's credit rating is double‑A minus, which supports favorable borrowing costs. The board moved and approved Resolution 25‑26‑07 authorizing issuance and sale of 2025 refunding bonds; pricing is expected around Nov. 4 with a closing near Nov. 18 if market conditions permit.
Developer fees: The board also accepted the developer‑fee annual report for the period July 1, 2024–June 30, 2025. Staff reported $519,613 in developer‑fee revenue for the year (an increase of about $197,000 from the prior year), $392,933 in expenditures (largely architectural and design work for the Glendora High School aquatic center), interest income of $158,818 and an ending fund balance of $4,575,531 as of June 30, 2025. Staff explained developer fees are charged for new residential construction and commercial additions and are restricted to capital and facility uses under Government Code Section 66000.
Board action: Trustees moved and seconded the motions and approved both items during the meeting; the bond resolution and annual developer‑fee report were both adopted. No individual vote tallies were recorded in the meeting transcript.
Next steps: If the refunding sale proceeds as planned, taxpayers would see the effect on property tax levies in fiscal year 2026–27 when the refinanced schedule takes effect. Staff said they will follow through with bond counsel and provide final documents as pricing is set.
