Measure M Planning is Well Underway in Lompoc Unified School District

Press releases are posted on Independent.com as a free community service.

LOMPOC, CA – Lompoc Unified School District (LUSD) is pleased to announce that planning for Measure M is well underway with notable milestones accomplished since November 2024 when 59.66% of Lompoc residents voted yes on Measure M, a $160 million dollar bond intended to provide much-needed updates to the District’s school facilities. In anticipation of breaking ground in early summer 2025, the District has been assigned a credit rating, opened a new bond project manager position, established two bond funds, authorized the issuance of the first series of bonds, reassessed bond project priorities, and established a bond oversight committee.

Aa2 Credit Rating: On March 19, 2025, Moody’s Investors Service, a national bond credit rating agency, completed its review of the District’s credit quality and raised the District’s General Obligation Bond credit rating to “Aa2” from “Aa3.” According to Moody’s credit rating analysts, the District’s high bond credit rating is supported by sound local economy, proactive District management, competitive educational program offerings, conservative fiscal management, and good governance. Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. During this review, Moody’s credit rating analysts assessed the District’s economy, financial operations, and governance.

Other highlights from the Moody’s analysis include: district management’s prudent fiscal practices and competitive educational offerings, which support favorable enrollment trends.

Bond Project Priorities: LUSD district leaders conducted a staff-wide survey of over 1,000 employees to reassess the highest priority facility needs, based on areas identified in the 2023-2028 Facilities Master Study/Plan and professional polling that reached over 700 community members in 2023 and 2024. The 408 staff who completed the survey from all school sites, the Adult School, and the Education Center, identified a set of priorities focused on safety. They include, in order of priority: asbestos ceiling tile replacement, asbestos floors – tile abatement/encapsulation, roofing, window replacements, intercoms, gas or water infrastructure, and classroom furniture.

Bond Project Manager: On March 18, 2025, the Board of Education approved a new classified position to support the management and oversight of all activities related to Measure M facility construction and modernization projects. Interested applicants can find more information here:

https:/ /www.lusd.org/about/employment-opportunities.

Bond Funds: On March 18, 2025, the LUSD Board of Education adopted resolutions to establish two funds to support Measure M: Fund 22 and Fund 55. Fund 22, a building fund, is established to receive, hold, invest, and disburse funds for Measure M construction projects. Fund 55 is used by the County ofSanta Barbara to make principal and interest payments on bonds issued under Measure M. The District will use these funds to manage revenue and expenses related to Measure M.

Issuance of Bond Funds: On March 4, 2025, the LUSD Board of Education approved a resolution to authorize the issuance of the first series of bonds under Measure M in an aggregate principal amount not to exceed $30,000,000. The Measure M bond issuance schedule is:

• Series A (Now) – $30,000,000
• Series B (2028) – $30,000,000
• Series C (2031) – $30,000,000
• Series D (2034) – $30,000,000
• Series E (2037) – $40,000,000

Bond Oversight Committee: In December 2024, the District finalized the selection of the Independent Citizen’s Bond Oversight Committee, responsible for reviewing expenditure reports produced by the District to ensure that bond proceeds were expended only for the purposes set forth in the Measure; informing the public concerning the District’s expenditure of the bond proceeds; and presenting to the Board in public session an annual written report outlining their activities and conclusions regarding the expenditure of bond proceeds. The following community members comprise the Committee: Martin Bender, Lanny Ebenstein, Gillian Esparza, Rick Fridrich, Robert Holloway, Johanna Kinard, Laurie Lee, Ann McCarty, Robert Murphy, Michelle Robertson, and Steve Straight.

“On behalf of the Lompoc Unified School District, I want to express our sincere gratitude to the community for their support of Measure M and to our staff for their hard work bringing these planning pieces together. We are excited to begin construction in summer 2025, marking a major milestone in the upgrading of our school facilities. This bond will allow us to provide safer, more updated learning environments for our students and staff, ensuring that our schools remain a place of excellence for years to come. We are fully committed to using these funds responsibly and look forward to working together with our community to bring these important projects to life.” – Dr. Clara Finneran, superintendent, Lompoc Unified School District.

More information about Measure M at the Lompoc Unified School District’s web page: lusd.org/bond.

Lompoc Unified School District offers an outstanding educational experience for its nearly 9,000 students. Its award-winning schools and programs, strong leaders, teachers, and staff serve pre-kindergarten through high school students living in the City of Lompoc, Vandenberg Village, Mesa Oaks, Mission Hills, Vandenberg Space Force Base, and rural areas adjacent to these. The District offers a wide range of programs, including Career Technical Education, Advanced Placement, Dual Language Immersion, and support for multilingual students and students with special needs, as well as exceptional extracurricular opportunities, such as athletics and clubs.