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Board approves refinancing of roughly $42 million in Measure D bonds to capture $4–5 million in interest savings
Summary
The San Luis Coastal Unified School District board approved Resolution No. 162526 to proceed with a negotiated sale and refinance of about $42 million in Measure D general obligation bonds; staff said the refinancing would preserve the original payoff schedule and could reduce interest costs by roughly $4–5 million over the life of the bonds.
Finance staff explained the board was being asked to approve a resolution authorizing the negotiated sale and refinancing of approximately $42 million in Measure D general obligation resale bonds. The staff presentation said current market conditions make a negotiated refunding sensible and that the refinancing would keep the original payout schedule intact (roughly 15 years remaining), while reducing projected interest costs by roughly $4–5 million over the life of the bonds.
Trustees asked procedural and limit questions about how often a series can be refinanced and whether additional rounds are permitted; staff replied refinances can typically be done up to two times per series and that the resolution authorizes staff to proceed with the negotiated sale. Trustee questions about public cost and whether travel or other fees are included were addressed in later budget materials. The board moved, seconded, and unanimously approved Resolution No. 162526 to authorize issuance and sale of the 2026 general obligation resale bonds.
