School board to sell $8 million in bonds

Liliana Castillo

The Clovis Municipal Schools board of education took what Chief Financial Office Jose Cano called a critical step forward for several construction projects Tuesday.

The board adopted a resolution announcing the sale of $8 million worth of municipal bonds.

Money generated from the bond sale will be used for construction and technology acquisition as well as $1.7 million for design of a proposed $30 million middle school.

From the $8 million, $6 million is from the 2008 bond issue and $2 million is from the August 2010 bond issue.

Cano said that the district plans bond sales to coincide with bonds maturing so the district’s debt amount remains the same.

Cano said this planning keeps taxes from being raised. Cano said the district will accept bids for the bonds on Jan. 25 and the money will likely be on hand in early March.

“This is a critical step in the process. We had to assure the Public Schools Capital Outlay Council that the board has the commitment to sell the bonds and have money on hand for projects so they will match them,” Cano said.

Cano said the remaining $14 million worth of bonds issued in August will be sold over the next two or three years.

Deputy Superintendent of Operations Joel Shirley said he and Cano work together closely to plan bond sales so operations has the money it needs on hand to move forward with each project.

In other business, the board:

• Approved a change to a board policy regarding how professional staff takes vacation and holidays.

The change states that 12-month licensed administrators earn 15 days of vacation, which shall be taken as approved by the superintendent.

• Heard a proposed change to a board policy regarding public gifts and donations.

The change gives the superintendent the authority to accept gifts and donations to the district or any school in the district under $10,000 on behalf of the board.

The board will vote on this change at its Jan. 25 meeting.