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Poway Unified refinances roughly $92M in CFD bonds, citing about $20M gross savings for taxpayers
Summary
The district reported two recent community facilities district bond sales (CFD 14 and CFD 6) that together reduce future special tax rates and generate roughly $20 million in gross savings and about $9 million in net present value savings for residents in the affected communities.
Poway Unified staff reported successful refinancing of two batches of special‑tax bonds that the district and its community facilities districts (CFDs) use for capital financing. The district sold refunding bonds in recent weeks for roughly $92 million of par amount tied to CFD 14 (Delsur neighborhood) and CFD 6.
The presentation by Mr. Garcia showed approximate gross savings of $17.5 million on the CFD 14 refinancing and about $3.5 million on CFD 6, with net present value savings that district staff summarized as nearly $9 million combined. The CFD 14 bonds include a seven‑year call provision (allowing earlier retirement as early as 2032); the CFD 6 bonds include a five‑year call (retireable as early as 2030).
Staff said the refinancing aligns with the district’s 2020 special‑tax reduction plan and will lower future tax rates for residents in the affected CFDs. No public comment was made during the hearing that followed the presentation.
Provenance: presentation SEG 1766–1816; public hearing opened and closed SEG 1856–1861.
