The Newman Crows Landing Unified School District is expected to take up a resolution Monday, Oct. 13, authorizing the issuance and sale of two $12 million general obligation bonds approved by voters last fall.
The proposed action—Resolution No. 25-26/05—would initiate the first series of funding under Measure S and Measure T, which passed during the November 2024 election to support facilities improvements across the district. If approved, the district would move forward with issuing $24 million in tax-exempt bonds to begin work on voter-backed projects.
According to the resolution, the bonds would be sold to investment banking firm Siebert Williams Shank & Co., LLC, which would place the bonds with investors. The district’s financing team has prepared a Preliminary Official Statement outlining repayment terms and tax implications, with annual rates projected to remain within legal limits.
The resolution specifies that the bonds will be issued as traditional, tax-exempt current interest bonds, meaning investors will receive periodic interest payments rather than deferred returns. Capital appreciation bonds—often criticized for long-term repayment burdens—are explicitly excluded from the plan. The district’s financing team has confirmed that the bond issuance will remain within legal bonding capacity limits, with projected annual tax rates per $100,000 of assessed property value expected to stay within voter-approved thresholds.
If adopted, the resolution also authorizes district staff to finalize the Preliminary Official Statement (POS), a key disclosure document for potential investors. The POS outlines repayment terms, tax collection mechanisms, and other financial safeguards, and must meet federal securities standards for transparency and accuracy. Board members have been invited to review and provide feedback on the draft POS ahead of its circulation. Once finalized, the bonds are expected to be sold and funds made available to the district by November 2025, marking a significant milestone in the rollout of Measure S and Measure T projects.
District officials say the bonds will be issued in accordance with California Government Code and federal securities laws, with funds expected to be available by November 2025.
The board meeting falls after press deadline.
