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Board reviews updated bond-policy language in first reading
Summary
Trustee Dressler presented a first reading of revised Board Policy 72-14 (general obligation bonds), saying the language follows CSBA recommendations and aligns district practice with state law; staff will return the policy as a consent item for second reading.
At the Oct. 22 board meeting Trustee Dressler presented a first reading of revised language for Board Policy 72-14, which governs general obligation bonds.
Dressler said the draft policy uses California School Boards Association (CSBA) recommended language and aligns district practice with current law and the district’s debt management policy. She highlighted provisions clarifying eligible uses for bond proceeds (construction, replacement, site acquisition/leasing, and refunding outstanding debt), accountability measures such as annual performance and financial audits, and the role of a citizens oversight committee.
Board members asked for clarification on how bond proceeds are deposited and tracked; Dressler explained that bond receipts are deposited with the LA County Treasury in a separate fund and earn interest there. She recommended bringing the updated policy back on the consent agenda for a second reading and potential adoption.
