SFUSD holds first reading to authorize sale of up to $160 million in general obligation bonds

The San Francisco Board of Education received a first reading Feb. 11 to authorize issuance and sale of general obligation bonds not to exceed $160,000,000 as the first series of voter‑approved 2024 bond authorization.

Lisenia Eberi, the district’s bond program director, told the board that San Francisco voters approved a $790,000,000 bond measure in November 2024 and that the district is preparing a Series A sale to fund roughly 18 months of capital work. She introduced Dave Olson of Baxter, McCarley, Berry and Company, the district’s public‑finance advisor, who was available for questions.

Eberi said the district plans a negotiated sale and described a tentative schedule: a March board action to approve the authorizing resolution and supporting disclosures, coordination with the Board of Supervisors, meetings with rating agencies, and a market sale slated to close in mid‑April.

Vice President Heuling asked about the schedule to issue the remaining $630,000,000 of the voter authorization. Eberi said additional series are expected as the district’s project spending schedule requires, likely three or four series timed to expenditures; she noted IRS restrictions on tax‑exempt bond proceeds that require spending a large portion of bond proceeds within three years.

Commissioner Ray asked why the Buena Vista Horace Mann modernization is budgeted at about $105,000,000 while the Mission Bay new‑build recently cost roughly $100,000,000; Eberi said Buena Vista Horace Mann’s scope is unusually comprehensive and campus‑wide and reflected a deliberate decision to pursue a larger modernization at that site.

Commissioner Fisher praised the bond office for transparency and for planning a measured, 18‑month issuance that aligns with the district’s capital program. The board had no action on the item at the first reading; the resolution and authorizing documents are scheduled for a vote in March.