ENCINITAS — The Cardiff School District announced they recently completed the first round of bond sales associated with the voter-approved Measure GG.
The $22 million bond measure will ultimately pay for several critical facility improvements and green infrastructure initiatives at the district’s two campuses, Cardiff and Ada Harris elementary schools.
Voters approved the bond measure in November by a 66-34 margin.
“The Cardiff School District Board of Trustees, staff and parents would like to sincerely thank the residents of Cardiff-by-the Sea for their support in passing Measure GG in November 2016 with a 65.9 percent approval rate,” said Mark Whitehouse, president of the Cardiff School District Board of Trustees. “We are excited to get the rebuilding project started at Cardiff Elementary. It’s a great honor to have the opportunity to improve the learning environment for the current and future students of the community.”
The district completed the sale of $14 million of its general obligation bonds on Feb. 23 and received the proceeds of the sale on March 9. The winning bid was by Robert W. Baird, an international wealth management firm.
District property tax owners will see the sale reflected on their property tax bills starting in December, when they will see an increase of $25.75 per $100,000 of assessed value.
Taxpayers will pay $47 million over the 30-year life of the bond.
It is anticipated that the general obligation bonds Series B, the final $8 million of the $22 million approved under the Measure GG bond program, will be sold within the next three years.
The Board of Trustees also recently hired Randy Peterson as bond program manager. Peterson, of Leucadia, has over 25 years experience in design, planning and construction of schools. In his role, Peterson will provide program management for all aspects of the Measure GG bond program.