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Board authorizes up to $270M in Series B bonds and approves refunding authority
Summary
The board approved resolutions to authorize Series B general obligation bonds not to exceed $270 million and to permit refunding bonds not to exceed $235 million; staff said funds will support multi-year capital projects and that 85% of tax-exempt proceeds must be spent within three years.
The board voted 7–0 to authorize documents for issuance and sale of Series B general obligation bonds (not to exceed $270,000,000) and to allow the district to pursue refunding bonds (not to exceed $235,000,000) if market conditions permit. Ariel Espiritu Santo, executive director of bond and facilities finance, said staff reviewed the two-year cash-flow need, projects expected to enter construction this fall, and the 85% spend-down rule for tax-exempt bonds.
Espiritu Santo highlighted major capital drivers for the issuance, including the S & S hubs and shops project, which staff estimate will make up more than $110 million of the issuance. The board approved the authorizations by roll-call vote with all present members voting yes. Staff said they will return with the preliminary official statement and pricing timeline and noted planned city/county approvals and a bond-rating process ahead of pricing this fall.
