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Board authorizes up to $100 million in 2026 certificates to fund capital projects, including stormwater work
Summary
The board approved documents to issue up to $100,000,000 in 2026 Series A certificates of participation to fund county capital expenditures. Staff estimated annual borrowing costs at about 3.8% (~$7 million); members highlighted $11.9 million for stormwater projects to reduce flood risk.
The San Diego County Board of Supervisors authorized documents for the issuance of the county’s 2026 Series A certificates of participation in an amount not to exceed $100,000,000 to fund capital projects appropriated for fiscal year 2025–26. County staff told the board the anticipated borrowing cost is approximately 3.8 percent, an estimated $7,000,000 annually, with payments beginning in fiscal year 2026–27 and a final maturity in fiscal year 2046–47. Staff said the actual interest cost will be determined when the county sells the certificates, anticipated the week of Feb. 9.
During public comment callers and in-person speakers raised questions about the scope and prioritization of projects and asked for more detailed funding breakdowns in the agenda materials. One caller questioned whether the county had provided sufficient description of the $100,000,000 financing and referenced prior county procurement and purchase questions; another caller asked for clarity about the costs and outside counsel engaged for the series. An in-person commenter criticized use of funds for climate projects and raised unrelated policy grievances; the board’s public-comment period on the item included both project-specific and broader policy remarks.
In board discussion a supervisor highlighted that the financing includes $11,900,000 allocated for the stormwater program, funding projects such as full-capture trash-and-debris systems in Caltrans drainage areas to reduce clogging and localized flooding. The supervisor linked those investments to local experiences from January 2024 storms and said the projects will improve public-safety outcomes and neighborhood resilience. A motion to approve the documents was made and seconded; staff reported the motion passed unanimously "with all supervisors who are present, voting aye." The transcript records no roll-call tally of individual supervisor votes.
What happens next: Staff will proceed with the financing transactions and the county will sell the 2026 Series A certificates of participation at market, subject to final pricing and contract execution. The board’s approval authorized execution of the financing documents but does not by itself provide detailed project-level spending descriptions in the meeting record.
