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Board weighs maintenance tax notes against a bond to speed HVAC fixes
Summary
Trustees heard staff———maintenance-tax-note cost scenarios for immediate HVAC work versus waiting for a bond; Bates presented debt-service schedules showing multi-year operating impacts if the district uses M&O-backed notes.
Deputy Superintendent Bates laid out maintenance tax-note examples as a possible way to front-load HVAC work before a bond. He said a $93.7 million maintenance tax note to cover swamp coolers would start debt service in June 2028 at about $5.8 million per year, later rising to roughly $11.9 million per year and running through 2042; a smaller $32 million note would cost roughly $50.1 million in total debt service. "If we just went for a 100% of the swamp coolers and we asked for $93,000,000 in maintenance tax notes...we would have to pay about $5,800,000, a year," Bates said.
Trustees discussed trade-offs: maintenance tax notes allow quicker repairs but require repeated annual draws on the M&O operating budget, whereas a voter-approved I&S bond can refinance debt service and protect operating funds but requires a successful election and more lead time. The board asked staff to model scenarios and provide a risk/benefit analysis comparing calling a November election versus extending outreach to a May ballot.
