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Stockton Unified previews $140 million first bond draw from 2022 authorization
Summary
District staff told the board they plan to return April 22 with a resolution to sell a first series of bonds under the 2022 authorization and proposed a $140 million initial draw to fund high‑priority facilities projects including science classrooms, roofing and restrooms.
District staff presented an information item describing plans to issue the first series of general‑obligation bonds authorized by voters in 2022. Nicole (district finance staff) said the board will be asked to approve a bond‑sale resolution on April 22 for a $140 million issuance intended to fund priority projects from the recently completed facilities master plan.
Vicki (facilities) and Joanne (facilities planning) outlined priority categories: science classroom upgrades tied to updated graduation requirements, roofing, restroom upgrades, gym modernizations and an initial set of rapid‑start projects intended to move quickly once funding is available. Vicki said architects will be hired to begin design and that some roofing projects could be completed within a year.
Nicole reviewed the issuance process: board approval of a bond‑sale resolution, preparation of a preliminary official statement, marketing to investors with underwriters, pricing on a sale date and funds deposited three weeks after sale closing. She estimated a roughly two‑month process from board resolution to funds availability and noted Stockton USD has historically attracted investor interest.
Trustees discussed the role of the bond oversight committee in reviewing spending after issuance. Staff said the oversight committee has been briefed and will review spending and project documentation post‑sale; committee members planned to present during the April 22 meeting. Trustee questions focused on committee inclusion and documentation; staff said the oversight committee was aware and will receive post‑sale project spending reports.
The presentation was informational; the board did not take a final vote on the bond sale at this meeting. Staff committed to return with the formal resolution and opportunities for the oversight committee to present.
