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Meeting Date:
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5/4/2015 - 6:00 PM
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Category:
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Business/Action Items
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Type:
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Action
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Subject:
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17.2 Bond Sales
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LCAP (Local Control Accountability Plan) Goal:
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Strategic Initiative 5.3 Optimal Operations and Infrastructure Ensure that our facilities and infrastructure support and enhance student learning and safety.
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Enclosure
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File Attachment:
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Summary:
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After two board presentations on a possible bond sale, many options were considered regarding our remaining bond funds. With the support of the voters from 2010, we were able to pass the bond measure to support new classrooms, solar panels, athletic facilities, air conditioning in every school and technological upgrades. Our primary goals include supporting our students and their needs, maintaining safe and functioning facilities, and honoring our commitments to our community with the 2010 bond approval.
The following options are proposed:
Option 1: Do not sell the remaining 77 million dollars of general obligation bonds.
Option 2: Sell the remaining 77M in general obligation bonds. 77M in principal and 92M in interest with a debt ratio of 2.20; final repayment in 2038.
Option 3: Sell the remaining 77M in general obligation bonds and raise the tax rate to $100 per $100,000 assessed property value. 77M in principal and 50 Million in interest with a debt ratio of 1.65; final repayment in 2038.
Option 4: Sell only half of the bonds (those that are CIB not CAB) 38.5M in principal and 6M in interest with a debt ratio of 1.17; final repayment in 2038.
Staff recommends approval of Option 4.
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Funding:
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Fiscal Impact
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Recommendation:
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Approve the sale of one-half of the bonds (those that are CIB not CAB) 38.5M in principal and 6M in interest with a debt ratio of 1.17, Final repayment in 2038.
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Approvals:
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Recommended By:
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Signed By:
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Debbie Maher - Sr. Administrative Executive Assistant to the Superintendent
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Signed By:
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Dr. Nellie Meyer - Superintendent
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Vote Results:
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| New Motion | | Member Barbara Oaks Moved, Member Brian Lawrence seconded to approve the New motion 'Approve the sale of one-half of the bonds (those that are CIB not CAB) 38.5M in principal with a debt ratio of 1.17, Final repayment in 2038.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Linda Mayo | Yes | | Cheryl Hansen | Yes | | Brian Lawrence | Yes | | Barbara Oaks | Yes | | Debra Mason | Yes | |
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