IUSD board authorizes refinancing of CFD No. 01-1 bonds to save taxpayers nearly $9 million
September 10, 2026 | Irvine Unified School District, School Districts, California
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The Irvine Unified School District Board of Education voted unanimously Sept. 10 to authorize the issuance of Community Facilities District (CFD) No. 01-1 Special Tax Refunding Bonds, Series 2024, a refinance the district and its financial advisor said is intended to save property taxpayers in the South Irvine communities covered by the CFD.
Adam Bauer, President and CEO of Fieldman, Rolapp and Associates, presented the market analysis and refunding plan. He told the Board that current municipal interest rates are lower than the outstanding CFD rates and that "the balance of the debt service totals $102 million, and after refinancing, the refunded debt service would be approximately $93 million, saving nearly $9 million through the remaining of the bond term in 2038," producing an anticipated annual savings of $629,500.
Bauer outlined the proposed schedule if the Board adopted the necessary authorizing documents: a rating call with S&P in early October, a credit rating by mid-October, a pricing lock in late October, closing in early December and redemption of the prior bonds by the March 1, 2025 deadline. The CFD No. 01-1 covers the Quail Hill, Shady Canyon and Turtle Ridge areas.
Member Lauren Brooks moved adoption of Resolution No. 24-25-16 authorizing the indenture, escrow and related documents; Jeff Kim seconded and the Board recorded a unanimous roll-call approval. Board members thanked staff and the Business Services team for pursuing potential savings for taxpayers.
Fiscal details presented to the Board said the refunded debt service would be roughly $93 million after the transaction and that the term of the special tax or CFD levy would not be extended.
The Board’s action authorizes District staff to proceed with the refunding steps described by the financial advisor; the timeline presented indicates final market steps and closing will occur in the October–December window with redemption of prior bonds by March 1, 2025.
Adam Bauer, President and CEO of Fieldman, Rolapp and Associates, presented the market analysis and refunding plan. He told the Board that current municipal interest rates are lower than the outstanding CFD rates and that "the balance of the debt service totals $102 million, and after refinancing, the refunded debt service would be approximately $93 million, saving nearly $9 million through the remaining of the bond term in 2038," producing an anticipated annual savings of $629,500.
Bauer outlined the proposed schedule if the Board adopted the necessary authorizing documents: a rating call with S&P in early October, a credit rating by mid-October, a pricing lock in late October, closing in early December and redemption of the prior bonds by the March 1, 2025 deadline. The CFD No. 01-1 covers the Quail Hill, Shady Canyon and Turtle Ridge areas.
Member Lauren Brooks moved adoption of Resolution No. 24-25-16 authorizing the indenture, escrow and related documents; Jeff Kim seconded and the Board recorded a unanimous roll-call approval. Board members thanked staff and the Business Services team for pursuing potential savings for taxpayers.
Fiscal details presented to the Board said the refunded debt service would be roughly $93 million after the transaction and that the term of the special tax or CFD levy would not be extended.
The Board’s action authorizes District staff to proceed with the refunding steps described by the financial advisor; the timeline presented indicates final market steps and closing will occur in the October–December window with redemption of prior bonds by March 1, 2025.
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