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Board approves refunding bonds, general obligation bonds and short‑term notes
Summary
SFUSD’s Board unanimously approved three financings Aug. 11: refunding bonds up to $110 million (projected savings ~ $6 million), general obligation bonds (Prop A, up to $226 million), and tax and revenue anticipation notes up to $60 million to manage cash flow.
At its Aug. 11 meeting the San Francisco Unified School District Board of Education approved a package of financing measures the district presented as part of its capital and cash‑flow planning.
- Refunding bonds: Staff proposed and the board adopted a resolution authorizing issuance of 2015 general obligation refunding bonds in an aggregate principal amount not to exceed $110,000,000 to refinance certain outstanding district general obligation bonds. Financial staff said the refunding is expected to save taxpayers roughly $6,000,000 over the life of the issuance. Bond counsel and financial advisors (Dave Sanchez, Sidley Austin; David Olsen, financial advisor) were identified in the recommendation. (Reading and vote: SEG 1069–1173; roll‑call recorded at SEG 1150–1172.)
- General obligation bonds (Proposition A): The board approved a resolution authorizing issuance of general obligation bonds tied to Proposition A (elections of 2006 and 2011) in an aggregate principal amount not to exceed $226,000,000 to finance acquisition, construction and improvement of school facilities. Staff read a lengthy series of authorizing actions, including preparation and delivery of official statements and related agreements. (Reading and vote: SEG 1174–1200; roll call recorded SEG 1216–1236.)
- Tax and revenue anticipation notes (TRANs): The board approved issuance of 2015 TRANs in an aggregate principal amount not to exceed $60,000,000 to carry cash flow needs for the district. Staff described the authorization to prepare related documentation and continuing disclosure certificates. (Reading and vote: SEG 1239–1266; roll call recorded SEG 1271–1288.)
Board members praised the finance team for clean bond reports and moved quickly through the items; all three measures passed with the board recording unanimous or near‑unanimous support in the roll calls recorded in the transcript.
The actions authorize staff to prepare preliminary and final official statements, escrow and disclosure agreements, purchase agreements and other transaction documents; final terms are to be determined following market conditions and additional staff recommendations.
