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Board approves formation of Community Facilities District 2024-1 and authorizes bond issuance to fund Mountain House schools
Summary
The Lammersville Joint Unified School District board opened public hearings and unanimously approved a sequence of resolutions to form Community Facilities District (CFD) 2024-1, call a landowner election, declare results, and authorize issuance of special-tax bonds to finance Mountain House school facilities. Landowner ballots were reported unanimous yes; the board introduced an ordinance levying the special tax and will consider adoption in January.
The Lammersville Joint Unified School District governing board on Wednesday moved ahead with a multi-step plan to form Community Facilities District (CFD) 2024-1 to help fund new Mountain House school facilities.
Superintendent Dr. Kirk Nicholas told the board that the district routinely uses CFDs to finance residential-developer mitigation obligations and combine CFD bond proceeds with state construction bonds to build schools. "A CFD is a geographical area in which the school district is authorized to levy a special tax and issue bonds to finance school facilities," he said, explaining the proposal covers neighborhoods I, J, K and L and a proposed future annexation area north of Byron Highway.
After holding the required public hearings and finding no written protests, trustees approved a package of resolutions: formation of the CFD (resolution 24-25-12), a resolution determining the necessity to incur bonded indebtedness (24-25-13), and a resolution calling a landowner special election (24-25-14). The clerk then opened five landowner ballots and announced the results: "I am in receipt of 5 ballots and all are voted yes," the clerk said, and the measure passed by the required two-thirds vote.
Following that unanimous report, the board adopted a resolution declaring the election results and directing recording of the notice of special-tax lien (24-25-15) and voted to authorize the issuance and sale of special-tax bonds for CFD 2024-1 (24-25-16). Each motion passed on roll-call votes with five ayes and no nos. The board also introduced ordinance 24-25-01, the first reading of the ordinance levying the CFD special taxes, and waived the full reading; adoption (second reading) is scheduled for the Jan. 15 meeting.
The board’s actions create the legal structure to levy special taxes within the CFD and to sell bonds when financing is needed to build the identified Mountain House schools; staff said they will return with bond documents when the district is ready to issue the debt.
