The Pleasanton school board will only get a partial answer tonight to questions about cash-out bond refunding that are being addressed by a citizens committee and the consultant group Government Financial Services (GFS).
The group, which the district formed to review past transactions regarding the 1997 Measure B bond measure, held a second meeting last night and agreed that a third meeting will be required to present a full report.
GFS will explore where the money on cash-out refundings was spent; in all, the cash-out bond refinancing done by the Pleasanton Unified School District will cost taxpayers close to $9.3 million over 20 years, according to a consultant analysis.
Preliminary results of the cash-out refunding were released last week to the citizens committee, which met again last night to get answers to the questions it posed at that time to GFS. Even as GFS answered questions remaining from last week, committee member Anne Fox asked about what seems to be an additional $5 million in debt from certificate of participations (COPs) in 2002-03 interest-only borrowing.
After a new round of questions, the committee and consultant group agreed to a third meeting, probably in August, for a final round of answers and a discussion of "best practices" to avoid future problems with borrowings.
Cash-out refinancing was ruled illegal in 2009 by then-Attorney General and now Governor Jerry Brown. The refinancing done by the PUSD will cost nearly $9.3 million over 20 years, according to the GFS analysis. Of that, almost $2.5 million is in interest, while nearly $6.8 million was spend on projects.
The citizens committee is headed by Beth Limesand. Members are Kay Ayala, Jan Batcheller, Jack Dove, Anne Fox, Kathleen Ruegsegger and Julie Testa. Only one member, Jack Dove, was a member of the original Measure B oversight committee.
In other issues at tonight's school board meeting, the trustees will adopt a final budget, discuss its new draft homework policy, and review alternative education programs.
The board convenes at 7 p.m. at the district offices, 4665 Bernal Ave., for the last meeting before it takes a summer recess.