Decision: the 2026A loan and refinancing (May 7, 2026)

Key facts

• Date: May 7, 2026 board meeting.¹
• Vote: passed 5–1, one absent.¹
• New loans allowed: up to $100 million, paid off by 2056.¹
• Refinancing allowed: up to about $243.6 million, paid off by 2049, only if it saved at least 3%.¹
• Sold in August 2026: $174.8 million borrowed plus $18.0 million of premium. That money paid for $100 million of building, about $91.3 million to pay off older loans, and sale costs.²

In short

On May 7, 2026, the board set limits for new loans and a refinancing. The vote was 5–1.¹ In August, staff sold $174.8 million inside those limits.² The money paid for $100 million of building and paid off older loans.²

Why it matters to your tax bill: the debt tax repays these loans through 2056.

Related: os 2026a · refinancing · who decides

Layer 1: What was decided

The board gave staff a set of limits, called “parameters.” Inside those limits, staff and the bond adviser could sell the loans later without another vote.

It did two things at once:

1. New money. Borrow up to $100 million for building, from the 2023 bond voters approved.¹
2. Refinancing. Pay off some older, higher-cost loans with a new, cheaper one, like refinancing a mortgage.¹

Layer 2: What the board was told

• The adviser’s slide said the refinancing “currently generates approximately $3.1M or 3.9% NPV savings.” NPV means savings counted in today’s dollars.¹
• It said: “No extension of debt payments.”¹
• It also said: “Actual savings will be subject to market conditions at time of pricing.”¹

How the trustees voted:¹

Trustee	Vote
Trish Bode	For
Sade Fashokun	For
Paul Gauthier	Against
Gloria Gonzales-Dholakia	Absent
Laura Marques	For
Nekosi Nelson	For
Anna Smith	For

Layer 3: What happened next

• The sale closed in August 2026: $174.8 million borrowed, plus $18.0 million of extra money buyers paid up front (premium). About $91.3 million went to pay off older loans.²
• The loans paid off included part of the 2016A loan: $70 million due in 2049, and the growing loans due 2034–2039, worth about $11.6 million by then.³
• After this sale, about $200.7 million of the 2023 bond was still not borrowed.⁴

The other side

• Giving staff a limit and a savings floor is a normal way to let them sell bonds when market prices are best, instead of waiting for a meeting.
• The vote was in public, with the limits written into the order.

Questions to ask

• Where will the district post the savings from the sale?
• Can the district show the new loan part and the refinancing part on their own?

Changes to this page

• Nov. 2, 2026: Added questions to ask.

What you can do or watch next

• Watch the final sale results, posted on EMMA (see os 2026a).
• See refinancing for what earlier deals saved.

What we don’t know yet

• the savings actually achieved at the sale. The bond papers do not state them.
• whether the refinanced part still ends by 2049. The new loan runs to 2056, but the papers do not split the new-money part from the refinancing part.

Footnotes

1. BoardBook packet, May 7, 2026 (meeting 738502), pp.207 (agenda item), 210 (adviser slide) and 224 (order, savings floor); minutes roll call. ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶ ↩⁷ ↩⁸ ↩⁹ ↩¹⁰ ↩¹¹

2. Series 2026A official statement, sources and uses. ↩ ↩² ↩³ ↩⁴

3. Series 2026A official statement, Schedule I (bonds being paid off). ↩

4. Series 2026A official statement, authorized but unissued bonds; district bond report. ↩