Cardiff School Board of Trustees approves early issuance of bonds for Measure GG
The Cardiff School District Board of Trustees voted unanimously in favor to issue the second and final set of general obligation bonds for Measure GG at its regular board of trustees meeting Dec. 13, according to a news release. Measure GG is the $22 million bond measure passed by 66 percent of Cardiff voters in November 2016. The approved sale is projected to save taxpayers over $3 million in interest over the course of 29 years.
The board of trustees acted upon the recommendation of its financial advisor to take advantage of the current low-interest-rate environment along with a recent uptick in the district’s assessed valuation (tax base) to sell the bonds now versus risking potential interest-rate hikes expected in the coming year.
“There has been a steady increase in interest rates since we issued our first series of bonds in 2017,” explained trustee Mark Whitehouse. “With that trend expected to continue, and the uncertainty around international trade and geopolitical issues at play, we decided it was wise to issue the bonds now rather than wait until 2020. We are also very pleased that this will save the taxpayers money.”
The first issuance of general obligation bonds, Series A, totaled $14 million and was sold in 2017. This second issuance of general obligation bonds, Series B, will yield $8 million to total the $22 million authorized by voters.
Additional Cardiff School District Rebuild and Modernization Related Developments
Ada Harris School received Prop 39 energy efficiency upgrades to classroom and hallway lighting as well as the modernization of four portable classrooms over the summer 2018.
As previously reported, design development for the Cardiff School rebuild was underway this summer and fall, and the board of trustees received an update on the project at its November meeting. The plan calls for Cardiff School to be rebuilt in three phases. The first two phases will comprise the majority of the rebuild, including 18 regular and specialty classrooms; new extended day rooms and playgrounds; kitchen and lunch areas; new blacktop, playfields and play structures; a multipurpose room with adjacent music room and outdoor assembly seating area; and a drop-off and pick-up zone with additional parking. The third phase, which includes three specialty classrooms and two regular classrooms, will remain part of the future site master plan, to be built as future growth and funding allow.
Also, as previously reported, the district has been working on various permitting and review requirements with all required state and local agencies, including the compliance of a Land and Water Conservation Fund Grant that was entered into in 1993 for the purpose of enhancing the school playfields, known as George Berkich Park. The State of California Office of Grants and Local Services is guiding the district through the process it has established to meet the changing needs of grant recipients in order to maintain compliance with grant requirements.
Construction on Cardiff School is expected to begin this summer and will take about 18 months to complete.
For additional information, www.cardiffschools.com/measureGG. —News release
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