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District finance staff outline COP repayment plan; trustees asked to weigh fund-balance trade-offs
Summary
District finance staff updated trustees on certificates of participation (COP) debt, described funding sources (CFD tax revenues, developer fees, an $18 million repayment fund) and warned of a potential funding gap beginning in the 2030s; trustees discussed whether to preserve the fund balance for debt protection or use some for urgent facilities work.
Kathy Domenico, representing district finance staff, told the board the district's long-term COP repayment plan dates to a restructuring put in place in 2008 and remains the framework for addressing certificate-of-participation debt tied to multiple school construction projects.
Domenico said the district uses three primary funding sources for COP repayment: community facilities district (CFD) special-tax revenue, developer fees (the district aims to contribute $800,000 annually), and a board-designated COP repayment fund that has grown to about $18,000,000 following BOLD-program receipts and some prepayments. She said CFD taxes fund roughly 70% of…
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