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Board authorizes up to $22 million in refunding bonds, cites $2.7 million taxpayer savings
Summary
The board adopted Resolution No. 2425‑17 to authorize issuance of up to $22,000,000 in 2025 General Obligation Refunding Bonds (Series A). Financial advisor Dale Scott said refinancing the 2015 refunding bonds could generate roughly $2.7 million in savings to taxpayers.
The Santee School District Board of Education adopted Resolution No. 2425‑17 authorizing the issuance of the Santee School District 2025 General Obligation Refunding Bonds, Series A, in an amount not to exceed $22,000,000. Assistant Superintendent Dr. Marcia Hamilton and the district’s financial advisor, Dale Scott, said the district’s Series 2015 refunding bonds are eligible to be refinanced and that the expected refinancing would yield approximately $2.7 million in taxpayer savings.
Board discussion focused on debt management and the historical context of prior refundings; Member El‑Hajj moved adoption and the resolution passed unanimously (5‑0). The resolution sets the authorization cap; the final structure, pricing and closing steps will be handled by district finance staff and bond counsel according to market conditions and required approvals.
