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Fontana Unified School District BAN Repayment Options.

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Presentation on theme: "Fontana Unified School District BAN Repayment Options."— Presentation transcript:

1 Fontana Unified School District BAN Repayment Options

2 Option 1 Extend BAN Payoff for 2 years Bond Referendum (2013) PROsCONs Total Cost of Repayment Lower$12M in est. interest $118M est. new payoff (2014) Qualified/Negative Budget County Office of Ed. may not allow Potential impact on General Fund Higher levy on current property tax CABs w/o Successful Bond Referendum Bonding capacity may not be high enough

3 Option 2 Pay down Series A debt w/ Bond Funds Refinance Series A Issue $93M in Bonds Issue $11.7M in COPs PROsCONs Reduces current tax levy to $60/$100K $93M in bonds (CABs) To be repaid with Special Taxes (CFDs/Mello-Roos) General Fund still on the hook Reduce Series A debt by an est. $4.2M Repayment high (est. $469M)

4 Option 3 Repay $48M with issuance of COPs PROsCONs Reduced interest rateRequire General Funds Revenue to pay-off Total pay-off estimated at $91.5MReduce approx. $3M in yearly operating expenses for 30 yrs. Requires County Office of Ed. approval Insufficient CFD revenue to pay-off $11.7M available through CFD’s

5 Option 4 Repay issue with $48M in Bonds Refinance Series A PROsCONs No threat to General Fund$48M in bonds (CABs) Does not increase current tax levyRepayment high (est. $216M) Callable in 10 yrs.Assessed value increase maybe slow 31 year repayment Reduce Series A debt by an est. $20M

6 Question?


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