District sells Series B bonds, refinances 2006 debt and advances Measure-funded modernization projects
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Summary
Monrovia Unified sold Series B bonds, refinanced 2006 debt to save taxpayers more than $800,000, and approved Measure-funded architectural contracts for Plymouth and Wildrose elementary modernizations.
The district reported a successful Series B bond sale and a refinance of a 2006 bond, with staff estimating immediate taxpayer savings of more than $800,000 that will appear on next years tax assessments. Staff said the district achieved an AA3 rating on a recent sale, which should lower interest costs for taxpayers and improve the districts position when applying for matching grants.
The board approved architectural services contracts for Plymouth Elementary (PBK Architects) and Wildrose Elementary (another firm) to assess, design and administer Measure-funded modernization projects. Staff warned that construction will cause temporary disruption at sites (parking and staging) and asked that communications go to parents and staff.
Janet Wall, chair of the citizen bond oversight committee, reported that the bond can only be used for facilities and cited roofing, security cameras, vape sensors and fencing as major 2023-24 expenditures; she said two independent audits for 2022-23 and 2023-24 returned clean findings and urged better, timelier communications and continued use of bond-tracking software.
The board approved the contracts and noted that bond-administration work will continue; no vote tallies were provided in the recap.