San Juan Unified approves bond refunding process and authorizes up to $100 million in general obligation bonds

San Juan Unified’s board on Thursday voted unanimously to proceed with a bond refunding expected to lower taxpayer costs and to authorize the issuance and sale of general obligation bonds tied to the district’s 2016 Measure P program.

Financial advisor Jason List told trustees the district can refinance two callable series and estimated total taxpayer savings of about $5.1 million from the refunding window. "Total is about $5,100,000," he said, noting refunds would lower future tax rates on those bond portions but do not add funds to the district general fund.

Raymond James underwriter Brett Lee reviewed the district's recent successful sale and the planned approach to sell remaining Measure P authorizations over multiple series. Lee said the district achieved a favorable borrowing profile earlier, with strong investor demand and a 4.21% borrowing rate on a prior issuance. "We had five times the number of interested buyers for bonds offered," Lee said of last year’s sale.

The board unanimously adopted Resolution 4255 to proceed with refunding and Resolution 4254 to authorize issuance and sale of general obligation bonds in an aggregate principal amount not to exceed $100,080,000, authorizing staff to continue financing steps. Trustees and advisors emphasized that approving the process does not force an immediate sale; market conditions will determine timing.

Trustees thanked the bond team for prior performance and accepted staff assurances that timing and final maturity structures will remain flexible to protect taxpayers while meeting construction needs.