Financing authority approves refunding bonds to generate roughly $9 million in savings for school facilities

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 that new borrowing would be in the low-30‑million range at an estimated interest rate near 3.7–3.75 percent.

Kerrigan Bennett, identified as bond counsel, described how the transaction is structured: each CFD issues bonds to the financing authority, the authority sells its bonds to public investors, and each CFD’s special taxes are used to pay the authority, which in turn makes debt service payments to bondholders. “So it really is there’s three actions on the board tonight. It’s all one bond transaction,” Bennett said, noting that related CFD authorizations were also on the district’s agenda later the same evening.

Trustees asked several clarifying questions during a 15-minute exchange. One trustee asked where the CFDs are located and whether both cities within the district would be affected; counsel and the advisor said they did not have the map in the room but described the coverage as district-wide and tied to specific CFD boundaries. A resident asked what the transaction means for homeowners in the CFDs; counsel and the advisor both said homeowners’ special tax payments would not change because of the refinancing.

Board members also sought clarity about the budgetary impact. District staff and counsel stressed the savings would be restricted CFD funds used for facilities and not new unrestricted general-fund revenue: the refinancing reduces debt service payments, producing a surplus in the CFD-funded facilities account that the district can spend on capital improvements. As one trustee summarized, the district is “not getting any new dollars” beyond the current special-tax revenues; the change is lower interest costs that free up facility dollars over time.

After discussion, the financing authority passed the resolution by voice vote, recorded as four in favor and one absent. The board earlier approved minutes for a Feb. 11 special meeting as a separate procedural item.

Votes at a glance • Item 4.1 (Minutes for 02/11/2026 special meeting): approved; mover and second recorded; result noted as passed. • Item 4.2 (Resolution authorizing 2026 special-tax refunding bonds): approved 4–0 (1 absent); resolution authorizes issuance, sale and delivery of refunding bonds and related documents.

The authority adjourned at 3:18 p.m. The district intends to post the preliminary official statement and pursue the market as scheduling permits to lock in the indicated savings.