Board workshop outlines bond issuance options, refinancing that could save taxpayers $37 million; district previews campus projects

Consultants told the San Ysidro School District Board of Trustees that refinancing portions of the district's high-interest general obligation debt could produce large taxpayer savings while the board considers how to issue remaining voter-approved bonds.

At a board workshop, the district's bond adviser described three connected items: options to issue the remainder of Measure T and Measure U bonds approved in 2020; a plan to refinance older capital appreciation and 2015 GEO refunding bonds now callable at lower market rates; and how to time issuance of three recently passed bond measures so tax rates stay manageable for property owners.

The advisory presentation said the refunding of 2015 GEO bonds could shift earlier high-interest payments into later years and produce an estimated $37,000,000 in lifetime savings to taxpayers. The presenter also showed two repayment profiles for issuing the remaining Measure T/U authorization: a shorter schedule with higher annual payments and a longer schedule (about 25 years) with smaller annual increases to district property owners.

Why it matters: The district has unissued bond authorizations from multiple elections that voters approved; the board decides whether and when to sell those bonds. Refinancing callable high-interest issues can…