County authorizes $4 million of BUSD bonds

A San Diego County Board of Supervisors vote December 5 authorized the issuance of $4 million of Bonsall Union School District bonds.

The November 2005 election which approved the issuance of $17 million in general obligation bonds allowed proceeds from the sale of the bonds to be used for the repair and rehabilitation of Bonsall’s public schools and for the construction and acquisition of new classrooms and school facilities. The first series of bonds for $8.92 million was issued in March 2006, and the $4 million authorization leaves approximately $4.08 million of the authorized amount for a future issuance.

The repayment of the bonds is funded by an annual tax levy on property within the Bonsall Union School District. The annual tax levy and tax rate fluctuates depending on fluctuations in the district’s total assessed value and the issuance of additional bonds. The timing of bond issuances is often coordinated to allow for optimal interest rates as well as for near-term construction plans, so phased issuances of a total authorized bond amount are a common occurrence. Because the county assesses and collects property taxes, the supervisors’ approval for the bond issuance was required.

The 111-year-old Bonsall Union School District contains approximately 88 square miles and has approximately 1,790 students. A total of 114 teachers work at the three schools the district operates.

The November 2005 passage of the bond authorization also led to the creation of an independent Citizens’ Bond Oversight Committee which was established on March 26, 2006. That committee reviews and reports on the proper expenditure of the bond money, advises the public about the district’s compliance, provides oversight to ensure proper spending of the revenues, and issues reports on its activities.