School Board OKs $100M in Bonds

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The Newport-Mesa school board this week approved the sale of $100 million in bonds to fund construction projects on district campuses.

Proceeds form the bond sale will go to the construction of two “enclaves” and two theaters, one of each at Costa Mesa middle and high schools, and the renovation of Davidson Field at Newport Harbor High School.

The district describes the enclaves on the NMUSD website as “school within a school” centers specifically for the seventh and eighth graders on campus, to keep them separate from the high school students.

The bonds are part of Measure F, a $282 million school bond measure approved in November 2005 to finance specific district projects that are aimed at improving student safety, increasing access to educational opportunities and providing facilities to meet current state educational requirements, according to the district.

As part of the legal requirements and funding safeguards, the district made several promises to the community, including not to sell bonds when taxpayers are paying a rate at or above what Newport-Mesa property owners were paying in 2005.

The district also pledged to issue the bonds at legal interest rates, have independent annual audits, a Citizens’ Oversight Committee and no funds for administrators’ salaries.

Ten categories of projects were specifically built into the bond authorization in a fairly broad manner to accomplish the goals of Measure F, including the enclaves and theaters, as well as facilities for hands-on science, libraries and technology, fitness and wellness facilities, visual and performing arts facilities and more.

The Series 2011 Bonds are the second series of the authorized bonds to be issued under the 2005 Authorization and it is anticipated that $95 million in Series 2011 will be sold this spring.

 

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