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Clovis Unified board authorizes up to $100 million in GO bonds and approves $15 million refunding bonds
Summary
The Clovis Unified School District Governing Board on May 6 adopted three resolutions authorizing up to $100 million in new general obligation bonds, authorizing up to $15 million in refunding bonds to refinance 2012 debt, and approving a related debt service estimate to Fresno County; all motions passed 6–0 with one member absent.
The Clovis Unified School District Governing Board adopted three resolutions on May 6 authorizing new and refunding general obligation debt and related county reporting.
Resolution No. 4089 authorizes the issuance and sale of General Obligation Bonds, Election of 2024, Series B, in a principal amount not to exceed $100,000,000. The motion to adopt 4089 was moved by Board Member Deena Combs‑Flores and seconded by Board Member Yolanda Moore; it passed 6–0 with Board Member Steven Fogg absent.
The board also adopted Resolution No. 4090 to authorize the issuance and sale of 2026 refunding General Obligation Bonds in a principal amount not to exceed $15,000,000 for the purpose of refinancing outstanding General Obligation Bonds, Election of 2012, Series D. Combs‑Flores moved the motion; Clinton Olivier seconded it; the vote was 6–0 (Fogg absent).
Finally, the board adopted Resolution No. 4091 authorizing the debt service estimate to be provided to the County of Fresno respecting unsold refunding GO bonds for fiscal year 2026‑27. The motion was moved by Clinton Olivier and seconded by Deena Combs‑Flores; it passed 6–0 (Fogg absent).
Why it matters: General obligation bonds raise capital for school construction and modernization projects; a refunding issue is typically used to replace higher‑cost debt with lower‑cost debt, producing interest cost savings for the district and taxpayers. The board’s approvals establish the district’s authorization and direction to proceed with the bond sale and required county reporting. Next steps include execution of the bond purchase agreements and associated official statements as described in the adopted resolutions.
