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Board authorizes special tax bonds, first tranche over $38 million to fund new school
Summary
Trustees authorized issuance and sale of special tax bonds (CFD 2024-1) to finance Pambo Elementary, with the first tranche expected to exceed $38 million; vote was unanimous by roll call.
Staff told the board the community facilities district (CFD 2024-1) bond issuance is a necessary financing step for constructing Pambo Elementary. "The 1st 1 will be, over 38, excuse me, million dollars to be applied to the construction of the school," Superintendent Dr. Nicholas said, noting a second tranche would depend on market conditions and development activity.
Trustees moved and adopted the governing board resolution authorizing issuance and sale of the special tax bonds for the Lammersville Joint Unified School District Community Facilities District number 202024-1; the motion passed by roll call with all trustees voting aye.
