October 30, 2013
Details of the October 22, 2013 bond sale were released today, and K-12 school facilities received $234 million from the $2 billion sale. Of the $234 million, $36.8 million is for Proposition 55 (2004) and $198 million is for Proposition 1D (2006). The Official Statement for the bond sale includes a list of districts to which proceeds have been allocated. The proceeds will be used to backfill the apportionments made by the State Allocation Board (SAB) on October 14, which were initially funded by commercial paper notes. At that meeting, the SAB apportioned $285 million for 112 projects through the Priority Funding process. Therefore, we don’t believe that additional projects will be funded from this bond sale.
The October bond sale also includes $125 million for higher education facilities: $1.9 million for Proposition 55 and $124 million for Proposition 1D.
The SAB has issued an update to its schedule for November and December:
State Allocation Board Meetings:
November 12 – CANCELLED
November 25 – State Capitol, Room 447 (Time TBD)
December – CANCELLED
SAB Program Review Subcommittee Meetings:
November 12 – State Capitol, Room 126 – 2:00 pm
– Future school facility needs
– Recommendations for presentation to the SAB
November 25 – Topics TBD
~ Rebekah Cearley