The Manteca Unified school board is being asked Wednesday to authorize the selling of up to $174 million in bonds — the largest debt issuance in the history of the 49-year school district.
It includes the third and last set of bonds from the $260 million voters authorized in November of 2020 when they approved Measure A.
That $130 million is in addition to issuing $44 million in new bonds for those authorized in 2014 to take advantage of lower rates to reduce the overall cost to property taxpayers.
Both bond series were authorized to address the majority of the $600 million plus in identified modernization and safety needs for existing campuses.
The bonds are in addition to $80 million of community facilities district bonds the district issued in November for new school construction.
The CFD proceeds when coupled with $70 million in state bond money from passage of Proposition 2 in November will allow the district to construct $150 million in new school facilities.
When reimbursement is added for the state’s share of remodeling projects, the district will end up spending in excess of $310 million between now and 2029 on school facilities.
The lion’s share of the Measure A bonds address modernization efforts at Manteca and East Union high schools.
Among the projects the CFD bond proceeds will cover is new school construction in Lathrop as well as the first new elementary campus in the City of Manteca since Veritas School opened in 2005.
The new school is being built on a 22-acre site in southwest Manteca northwest of the intersection of McKinley Avenue and Woodward Avenue.
The bond work is in addition to $13 million in restricted capital funds the district has that was tapped to buy the 58,500 square-foot building at 550 Carnegie Street in the Manteca Industrial Park for $6.75 million.
The funds include a $2 million grant from the state for nutrition education related projects.
The district plans to centralize all of its nutritional service administration and warehouses in the Manteca Industrial Park.
The work involves installing freezers, coolers, and a racking system. It make also include installing a central kitchen.
To contact Dennis Wyatt, email dwyatt@mantecabulletin.com
