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Board approves bond official statement for up to $270M with technical wording changes requested by oversight committee
Summary
After CBOC concerns about wording, the board approved a resolution authorizing the form of an official statement to sell up to $270 million in general obligation bonds and $235 million in refunding bonds, directing lawyers to correct language about the bond oversight committee's review role.
The Board approved a resolution authorizing the form and execution of an official statement for the sale of up to $270,000,000 in general obligation bonds and up to $235,000,000 in refunding bonds, with staff and counsel agreeing to correct clerical language related to the Citizens Bond Oversight Committee (CBOC).
Deputy Superintendent of Business Services Chris MontBenitez explained the vote would approve the form of the POS (official statement) required for bond sales and noted that final technical changes must be approved by legal counsel. He said the CBOC "reviews the required annual statutory audit of the bond program, not to set the audit," and staff will change the language to reflect that role.
Commissioners asked about Brown Act noticing after the item was pulled from consent and the board confirmed procedural compliance. The motion passed by roll call; the deputy superintendent also noted credit agencies had upgraded the district's credit for the first time in four years.
The board’s action authorizes staff to proceed with preparing final documents, with lawyers finalizing technical edits to the official statement and the title/name corrections requested by the oversight committee.
