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Board authorizes sale of final Series C general-obligation bonds to fund facilities
Summary
Fort Bragg Unified trustees voted to authorize issuance and sale of the district's final 2020 general-obligation bond series (Series C) to secure funding for school facilities; staff said the sale timing aims to avoid competing bond issues and the district expects to maintain an A+ rating.
The Fort Bragg Unified School District board voted to authorize the issuance and sale of its final general-obligation bond series from the 2020 measure, known in the meeting as Series C, with an aggregate principal amount cited as roughly $11,000,000.
"I'll move to approve item 10.1, resolution 24-14, authorizing the issue and sale of general obligation bonds... series C in the aggregate principal not to exceed $11,000,000," a trustee said during the motion to approve, and the motion carried on roll call. District staff told the board they had held a pre-sale call with their financial adviser and expected S&P to retain the district's A+ rating. Officials said they would meet with rating agencies and complete due diligence the following week, then set a sale date.
The board asked how the sale might affect property taxes; staff provided examples showing historical rate spikes immediately after bond sales but noted those increases often level as older bonds retire. The presenter said the district and county auditor-controller had prepared illustrative figures, including an example of what an assessed-property owner with a $500,000 assessment might see. Trustees emphasized they would share the handout and field additional calls from concerned property owners.
Board members approved the motion and authorized staff to proceed with the sale process. No public comment was offered during the vote on the item.
