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RUSD authorizes CFD 40 bond issuance, estimates roughly $28M sale
Summary
The board unanimously authorized issuing special tax bonds for CFD 40; advisors projected about $28 million in gross sale proceeds (roughly $25 million net of costs) and a guaranteed minimum mitigation payment to the district of $6.94 million.
The Riverside Unified Board of Education unanimously approved a resolution authorizing the issuance and sale of special tax bonds for Community Facilities District 40 (CFD 40).
Jason Chung of the district’s municipal finance advisors outlined the financing plan and market context, saying the team is "estimating about 28,000,000 to be generated from the sale" and that net project proceeds after usual costs were projected at roughly $25 million. Chung also told trustees the district is guaranteed a minimum mitigation amount of $6,940,000 tied to developer agreements for the CFD.
The bond team described an anticipated schedule: print the marketing document on April 22, price bonds April 30 (market permitting), and close the sale May 14. Advisors noted recent municipal-market volatility but said markets had partially stabilized after a short tariff pause.
Trustees asked procedural questions about timing and exposure to interest‑rate swings; staff and advisors said pricing would respond to market conditions and that the district would receive the financing proceeds at closing.
The motion to authorize the bond issuance passed unanimously.
