November 21, 2019 Minutes
REDWOOD CITY SCHOOL DISTRICT
Measure T
Citizens’ Bond Oversight Committee (CBOC)
November 21, 2019
Minutes of the Meeting
Location: District Office Board Room
750 Bradford Street
Redwood City, CA 94063
Present: Michael Bolander, Richard Delfs, Elizabeth Flegel, Jeanne Panos and Rebecca Weekly
Others present: Olivia Acosta, CBO Priscilla Aquino-Dichoso, Supt. John Baker, Ed.D, Trustee Janet Lawson, Trustee Dennis McBride, Will Robertson and Erika Szallos
Absent: Lori Bluvas, Felix Gonzalez and Carolina Webster
Rebecca Weekly arrived at 6:14 pm; quorum established.
1.0 Call to Order
Meeting was called to order at 6:06 p.m.; quorum not established
Item 2.0 Approval of November 21, 2019 Agenda moved, due to quorum not established.
3.0 Public Comment
At this time members of the public may address the CBOC on any items of interest to the public that are within the subject matter jurisdiction of the CBOC. Speakers are requested to limit their remarks to three minutes. No Committee action can be taken.
4.0 Information/Discussion
4.1 Discussion regarding School Site Visits by CBOC members
Mr. Robertson recommended the committee visit at beginning of next year as construction is completed but may do visits sooner.
4.2 Bond Program Update/Progress Report
Mr. Robertson shared two handouts, the Measure T Bond Program Project Progress Tracking Matrix and the Master Schedule as of November 12, 2019.
Mr. Robertson said that construction continues at Fair Oaks site, but it is a light modernization, some examples include classroom modernization, fencing, security cameras and security door locks.
3150 Granger Way and 815 Allerton sites are complete and closeout. Interim Housing, Electric Vehicle Charging and Quick Start Lunch Shelters are in closeout.
2.0 Approval of November 21, 2019 Agenda
(Elizabeth Flegel/Rebecca Weekly; 5-0)
4.0 Information/Discussion (continued)
4.2 Bond Program Update/Progress Report (continued)
Mr. Robertson presented a visual tour of progress at sites.
4.3 Update on Issuance of Final Series of Measure T Bonds (Series C)
CBO Aquino-Dichoso shared two handouts, the Official Statement of the Issuance of Measure T Bond (Series C) and a summary on the Sources and Uses of Funds. CBO Aquino-Dichoso said that the total issuance was in the amount of $66 million, which was split into three series. 2019C-1 (Federally Taxable) is in the amount of $16 million, 2019C-2 (Tax-Exempt Technology) is in the amount of $8.5 million and 2019C (Tax Exempt) is in the amount of $41.5 million. C-1 Series is intended to be spent on the closed school sites, due to it is unallowable to spend more than 10% of the bond issuance on private/non-government entities.
District will post a link that shows the bond breakdown in homeowner’s property taxes. Mr. Delfs said it could be found online as an attachment on the School District November 20, 2019 Board Agenda on Item 6.2.
4.4 Update on Measure T Bond Program Revenues and Expenditures
a. 2018-19 Year-End Report
Ms. Szallos shared two handouts, the 2018-19 Year-End Closing and Unaudited Actuals Report and the Budget vs. Projections and Expenditures, both as of June 30, 2019, which show a total expenditure of $32,821,222.
b. Update on FY 2019-20 Measure T Bond Program Budget ($112 million)
CBO Aquino-Dichoso shared the handout that shows the spending plan for FY 2019-20, which shows the total estimated expenditures for bond modernization for FY 2019-20 is $112,071,792 and is included in the District’s current budget to be spent through June 30, 2020.
c. Update on Total Measure T Bond Program Budget ($209 million)
CBO Aquino-Dichoso shared the handout that shows the latest update on the overall project for the bond modernization. CBO Aquino-Dichoso added that the total project coming from bond fund, developer fees and Proposition 39 (California Energy Jobs Act) is $209,688,308 as of November 21, 2019. Of the $209.7 million, $112.1 million is estimated to be spent this FY 2019-20.
4.5 Clarification on Action Items from May 30, 2019 Agenda
CBO Aquino-Dichoso said that in the May 30, 2019 CBOC Agenda, Item 5.2 Approval of the 2019-20 Bond Program Budget Projection was listed as an Action item. However, the District has received clarification from Counsel that due to the Bond Program Budget Projection is approved by the Board it should be listed as an Informational Item in the CBOC Agenda.
4.6 Discussion Regarding Member Withdrawal from CBOC
Carolina Webster has resigned as “Parent” member of the CBOC. Mr. Bolander requests the Board to appoint a replacement. Trustee McBride said that if Lori Bluvas is a Member of Business Organization, then it may not be necessary to appoint a replacement.
4.7 Discuss future meeting dates
The next meetings will be held at 6:00 p.m. on
Thursday, March 5, 2020
Thursday, May 28, 2020
5.0 Action Items (Action Required)
5.0 Approval of May 30, 2019 Committee Minutes
(Rebecca Weekly/Jeanne Panos; 5-0)
6.0 Adjournment of Meeting
Meeting adjourned at 7:18 p.m.
(Rebecca Weekly/Jeanne Panos; 5-0)