Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Bonds topic
No spam. Unsubscribe anytime.
Committee forwards San Francisco Unified School District $160 million bond issuance to full board
Summary
The committee voted 3–0 to forward a resolution authorizing the issuance and sale of up to $160 million in general obligation bonds for the San Francisco Unified School District; the BLA and municipal advisers described project scope, repayment structure and expected annual cost to taxpayers.
The Budget and Finance Committee on March 19 voted unanimously to forward to the full Board of Supervisors a resolution authorizing the issuance and negotiated sale of up to $160 million in general obligation bonds for the San Francisco Unified School District (SFUSD), pursuant to the district’s February 2024 bond authorization.
David Olsen, a municipal advisor working with the district, and district bond-program staff described the issuance as a routine step in the district’s long-running bond program. Olsen said the district has held bond elections since 2004 and voters have approved more than $2 billion in authorizations over multiple measures; bonds are repaid from property taxes levied for the district. He estimated the new-issue and refunding transaction would cost about $226 million over 20 years for the $160 million in new money, or about $11.3 million per year, and that refunding outstanding debt would save the district roughly $10.3 million over 10 years.
The Budget and Legislative Analyst’s report summarized the projects to be funded (listed in the district materials) and noted the bonds are repaid by special property taxes and do not implicate the city’s general fund. BLA staff recommended approval.
Supervisor Connie Chan moved to forward the resolution with a positive recommendation; the roll-call vote recorded Supervisors Matt Dorsey, Joe Ingardio and Chair Chan as voting aye.
Committee discussion emphasized the special relationship between counties and school districts under the California Education Code and the ongoing oversight role of the board. Chan said she is “supportive of the issuance of this bond” and highlighted nearly $22 million planned for kitchens and nutrition services, noting the decision to fund facilities improvements is important for the district’s roughly 50,000 students. The committee asked for continued oversight via the bond oversight committee and follow-up reporting on expenditure progress.
If approved by the Board of Supervisors, the resolution will authorize sale of the bonds, execution of bond-purchase and paying-agent agreements and related documents; the district plans both new-money and refunding components in the transaction.
