Today the State Allocation Board (Board) met to hear and act on business items, including unfunded preliminary apportionments for the Charter School Facilities Program (CSFP).
In her Executive Officer statement, Lisa Silverman indicated that the upcoming General Obligation bond sale will close on March 15, 2018. Staff anticipates receiving bond proceeds for the School Facility Program from this sale and will prepare Priority Funding Apportionments for presentation at the next Board meeting on March 21, 2018.
Charter School Facilities Program
The Board approved 24 unfunded Preliminary Charter School Apportionments in the amount of $263,807,100. These preliminary apportionments are a reservation of bond authority. Applicants must obtain necessary plan and site approvals and convert from a preliminary to a final apportionment within four years, with the option for a one-year extension. Separate advance fund release amounts for design and site were placed on the Unfunded List (Lack of AB 55 Loans). The Board declared that the remaining applications outside of bond authority would be retained through the end of 2018 to enable the Board to continue awarding unfunded Preliminary Charter School Apportionments during that time, if additional bond authority returns.
At the January 24, 2018 meeting, the Board approved Preliminary Charter School Apportionments for 25 projects in the amount of $243,013,928. Proposition 51 provided $500 million for the CSFP, and there was some residual bond authority from prior bonds available for CSFP projects.
The consent calendar was approved unanimously, with one modification to remove the Petaluma City Elementary School District item at the District’s request.
School Facility Program Workload List and Unfunded Approvals
The workload list dated January 31, 2018 contains projects worth the following:
New Construction: $2,096,281,787
The Board approved Unfunded Approvals (Lack of AB 55 Loans) worth the following:
New Construction: $18,722,663
The Board also approved two Facility Hardship rehabilitation projects for placement on the Unfunded List (Lack of AB 55 Loans).
The appeal for San Marcos Unified was withdrawn from the agenda. The next State Allocation Board meeting is scheduled for March 21, 2018.
~ Rebekah Cearley, Legislative Advocate