District adviser outlines bond sale plan after voter approval

CHR, the district’s financial adviser from CFW, told the Lancaster School District Board of Education the district is positioned to issue the bonds voters approved in November and summarized the next steps.

CHR said the board previously called a bond election and that the measure won strong community support — ‘‘about a two‑thirds level of support,’’ he said — which positions the district to proceed. He described the issuance process: the board will adopt a resolution authorizing the first sale, staff will seek a credit rating, the finance team will publish a preliminary official statement, and the district will go to market to price and sell the bonds. CHR said the team anticipates going into the market in mid‑March and closing the transaction by the end of March, with funds then deposited with the county for construction work.

CHR estimated the sale could generate roughly "$45 and 50 million" for the district and said the district will seek to time the sale to avoid competing supply that could affect pricing. He described typical steps to lower borrowing costs — securing a strong credit rating and broad investor interest — and said the district will work with the county treasurer’s office to review the sale.

The adviser also noted that Prop 39 election language requires formation or reconstitution of a citizens’ oversight committee to monitor expenditures, and he listed typical committee categories (senior citizen, taxpayer association representative, business representative and members at large). CHR said staff will bring back the board a resolution that authorizes the sale and related documents at a future meeting.

The board did not take final action on bond sale documents at this meeting; CHR said action items will return to the board for formal approval once documents and ratings are in place.