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Financing authority approves refunding bonds to generate roughly $9 million in savings for school facilities
Summary
The Perris Union High School District Financing Authority voted 4-0 (1 absent) to authorize issuance of 2026 special-tax refunding bonds covering two CFDs; advisors said the plan should lower debt costs and yield about $9 million in aggregate interest savings to be used for district facilities over roughly 13 years.
The Perris Union High School District Financing Authority voted to authorize the issuance and sale of 2026 special-tax refunding bonds, a move advisors said would lower the district’s debt service and produce about $9 million in aggregate interest-cost savings to fund school facilities over roughly 13 years.
Jason Chung, the district’s municipal advisor, told directors the proposal would refinance outstanding bonds secured by two community facilities districts (CFD 91-1 and CFD 92-1), which together cover roughly 27,000 of the district’s approximately 55,000 parcels. “Based on current market rates, we expect the refinancing to save about $9,000,000 in total interest costs,” Chung said, adding that the new bonds would be sized to replace about $36.2 million of outstanding principal and…
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