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SFUSD approves bond oversight appointments and authorizes bond refunding and Proposition A sales
Summary
The board approved appointments to the Citizens Bond Oversight Committee for the 2011 facilities bond program, authorized up to $145 million in refunding of 2003 bonds and authorized the sale of up to $115 million of 2011 Proposition A bonds to fund school facilities projects, with staff projecting taxpayer savings from refinancing.
The San Francisco Unified School District Board of Education moved on multiple finance items Feb. 14: it appointed and reappointed members to the Citizens Bond Oversight Committee, authorized a partial refunding of certain 2003 bond series (up to $145 million) to capture estimated taxpayer savings, and authorized the sale of up to $115 million of 2011 Proposition A general obligation bonds to fund upcoming facilities projects.
Chief Facilities Officer David Golden outlined the oversight committee's statutory role under Proposition 39, the composition of statutory and district-appointed members, and the committee's responsibilities for annual audits and public reporting. The board unanimously approved the recommended slate of oversight committee members.
Golden also explained the rationale for a partial refunding (refinancing existing debt) and for staged Proposition A sales tied to project timetables. He said refinancing could pass approximately $16 million in savings to taxpayers and that the district would return to the board for subsequent issuances as appropriate. Both bond authorizations were approved by unanimous roll-call votes.
