District treasurer outlines $600M new bonds and up to $800M refinancing to support capital plan

Wally Stock, district treasurer and acting chief financial officer, briefed the committee on two linked finance resolutions. The board was asked to authorize (a) issuance of up to $600 million in new unlimited‑tax general obligation bonds (for capital improvements) and up to $800 million in refunding bonds (to refinance outstanding debt), and (b) issuance of dedicated capital improvement tax bonds up to $400 million with refunding capacity up to $800 million. Stock explained repayment and debt‑service implications and said some debt service is paid from state aid while capital improvement tax bonds are paid from property tax levies.

Stock described the near‑term budgeting tradeoffs: at current interest rates, financing $600 million over 25 years could cost roughly $40 million per year; the team will pace transactions to take advantage of favorable market windows and estimated potential refinancing savings in a range of "$80 to $100 million." The committee did not adopt bond issuances during the meeting; staff said timing and market conditions would determine exact issuance schedules.