Palmdale Aerospace Academy weighs bond refinancing and grant options to fund construction and develop vacant land

Palmdale Aerospace Academy District officials outlined financing options to fund construction and possible development of district-owned vacant land, saying refinancing could raise millions while maintaining current debt service payments.

The district’s chief business official told the board that if the district extends the maturity of its bonds about 10 years to 2056 while keeping payments at current levels, it could raise an estimated $11 million to $12 million for construction. Extending the maturity further, to 2066 while keeping payments level, could raise roughly $21 million to $22 million, the official said.

The official emphasized multiple scenarios are possible and that final recommendations would be brought back to the board as the district moves closer to refinancing. “As you move forward and things get closer, then we would, obviously be guided by the board of which financing options to look at further,” the official said.

District staff also reported they are working with the business services department to apply for the state charter facilities grant, which the official described as “about $30,000,000 that is open for charter schools in the state of California.” The board was told staff will report back on the grant-application progress.

Board members asked no formal questions recorded on the refinancing figures at the time of the report. There was no board vote on financing during the meeting; staff framed the presentation as information and next steps for the board to consider.

District staff noted that the governor’s May revision to the state budget and pending legislative items affecting charter schools could affect financing and operations; staff said they planned to monitor those developments and report back.

The report concluded with a reminder that the board would provide guidance when staff returned with more detailed options.