Supervisors approve FUHSD bond series issuance

In November 2016, the voters of the Fallbrook Union High School District passed Proposition AA, which authorized $45 million of general obligation bonds. The passage of Proposition AA authorized the eventual issuance of the full $45,000,000 but the bonds may be issued at different times. Because the principal and interest for those bonds will be repaid through a property tax increase the office of the county treasurer-tax collector is involved and San Diego County Board of Supervisors approval as well as school district approval is necessary for issuance of the bonds.

A 5-0 board of supervisors’ vote Tuesday, Aug. 4, authorized the school district to sell $12 million worth of bonds, designated the treasurer-tax collector as the paying agent and directed the office of the auditor and controller to maintain the tax roll for the bonds. The issuance of the $12 million will leave $23 million available for future bond sales.

The Fallbrook Union High School District was established in 1894. It encompasses approximately 500 square miles and educates students at Fallbrook High School, Ivy High School and Oasis High School. Ivy High is a continuation school, and Oasis High is an independent study school. The district’s budgeted average daily attendance for fiscal year 2020-21 is 2,022 students.

In October 2017, the school district and the board of supervisors authorized the issuance of $10 million of bonds. The current issuance will be the second series. The total valuation of real property in the district in conjunction with the annual principal and interest payment amount will determine the specific property tax assessment. The total valuation of property in the district for fiscal year 2019-2020 was $6,398,841,494.

The bonds will have a maturity date limit of 30 years. The estimated interest rate will be 3.18%.

Joe Naiman can be reached by email at [email protected].