PASSED JUNE 7, 2016
On September 7, 2016, the first series of Measure J bonds were sold via competitive sale. The District received the highest rating and was authorized up to $84M at a true interest cost of 2.79%. Bonds were delivered and posted to the Depository Trust Company on September 29, 2016.
The bond program will include up to three bond sales over the next ten years, with the second bond sale anticipated in approximately two years. Of the $84 Million, approximately 8% will be reserved for unknown conditions such as unidentified underground infrastructure utilities, newly developing regulatory requirements, and interim facility needs.
The Governing Board has reviewed the project list for the first bond sale on July 14 and August 11, 2016. The project list was approved on August 25, 2016. These project lists were developed from our Facilities Master Plan process.
Disclosure of Final Costs: