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SFUSD board authorizes $180 million Prop A bond sale and $100 million refunding to lower costs
Summary
The San Francisco Unified School District board voted to issue up to $180 million of the 2016 Proposition A bond and to authorize up to $100 million in refunding bonds, after staff presented an annual bond audit showing no findings for the 11th consecutive year.
The San Francisco Unified School District board on Feb. 14 authorized the first series of its 2016 Proposition A facilities bond and approved a separate plan to refund outstanding debt, moves district staff said will fund ongoing school modernizations and take advantage of favorable interest rates.
Chief Facilities Officer David Golden told the board that the district seeks authorization to issue up to $180 million as part of the $744 million Prop A program and to approve a refunding of general obligation bonds not to exceed $100 million. Golden said the refunding is intended to “pay off the bonds faster and take advantage of good interest rates and save the taxpayers money.”
The financing items followed an annual Proposition 39 performance and financial audit presented by Golden and Nancy Maeda of the Citizens’ Bond Oversight Committee. Maeda and staff reported no findings in the audit for the 11th consecutive year and described extensive modernization work completed across the district. Staff noted $128 million was spent last year on bond projects and highlighted completed and ongoing upgrades at sites including Lowell High School, Ida B. Wells, Daniel Webster, and others.
Board members separately moved and approved each resolution by roll-call votes after staff answered procedural questions about timing and public process. The board approved the resolution authorizing issuance of bonds (not to exceed $180 million) in a roll-call vote (recorded on the docket); the second resolution authorizing up to $100 million of general obligation refunding bonds also passed on roll call.
The board discussed the timing of issuance and noted that the district’s financial advisor had prepared detailed materials to support the actions. President Shamann Walton and several commissioners praised the work of the facilities team and the CBOC for maintaining transparency and stewardship of bond funds.
What happens next: Board staff said bond sale scheduling and refunding document preparation will proceed as required by Education Code and district policy, and the district’s financial advisors will present final sale terms when available. The board also signaled continued oversight in committees and public reports as projects proceed.
Sources and context: The board’s presentation and roll-call votes were part of the Feb. 14 public meeting; the audit and staff remarks served as the primary staff evidence supporting the authorizations.
