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Catalina Foothills board authorizes up to $13 million in school improvement bonds
Summary
The Catalina Foothills Unified School District Governing Board on April 1 approved a resolution to issue up to $13 million in School Improvement Bonds (Project of 2022, Series B 2025). Stifel Public Finance outlined projected tax-rate impacts, a 20-year amortization cap and a placeholder interest estimate of about 5 percent; the board voted 5-0.
The Catalina Foothills Unified School District Governing Board voted 5-0 on April 1 to approve a resolution authorizing the issuance and sale of up to $13,000,000 in School Improvement Bonds (Project of 2022, Series B 2025) to fund district capital projects.
Stifel Public Finance managing director Michael LaValle, who advised the board during a presentation, said the district has ample bonding capacity — “roughly a 160 plus million dollars” — and that the district’s plan is structured to keep the bond tax rate near its historic target of about $0.66 per $100 of assessed value. LaValle said the district intends a 20-year repayment schedule (the state cap for school districts), and used a conservative placeholder interest estimate of about 5 percent for planning purposes. “We’re hoping it’ll be within that 4.4 or 4.6 range,” LaValle told the board about market rates, adding that final rates will be locked in closer to the sale.
