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Bonita Unified board authorizes refunding bonds, citing $1.3M in estimated savings
Summary
The board approved Resolution 2026-18 to issue general obligation refunding bonds to refinance prior 2014/2016 refundings; district advisers estimated about $1.3 million in total savings and roughly $150,000 in annual taxpayer reduction.
Board members voted to approve Resolution 2026-18 authorizing issuance of general obligation refunding bonds to refinance prior district refunding bonds issued in 2014 and 2016.
A financial adviser explained that when interest rates fall it can be prudent to refund higher-rate bonds; the district’s advisors estimated total savings of about $1,300,000 and a taxpayer reduction of roughly $150,000 per year while keeping the bonds’ final maturity in 2035. Bond counsel outlined the legal documents the board would authorize if it approved the resolution, including a not-to-exceed principal amount and the preliminary official statement that will accompany the sale.
After questions from board members and a motion and second, the chair called the vote and declared the motion passed.
Next steps described in the presentation include updating the district’s credit rating, circulating the preliminary offering statement to investors, completing a negotiated sale in early April, and closing in early May if market conditions remain favorable.
