Stifel is the leading underwriter of California K-12 school district bonds. We assist local districts in providing financing for facility projects and cash flow borrowing, including new construction, modernization, renovation, and technology improvements. Our work with California school districts includes general obligation bonds, Mello-Roos bonds, certificates of participation, leases, bridge financings, TRANs, the refinancing or restructuring of previously issued bonds, and preparing financial analysis for bond election planning.
Source: Thomson Reuters
About GO Bonds
GO Bond Overview
General obligation bonds (“GO bonds”) for California school districts are voter-approved debt which are repaid by ad valorem property taxes and are primarily used to finance the acquisition and construction of school facilities. The legal authority to approve GO bond debt falls under Proposition 46 of 1986 and Proposition 39 of 2000. The main difference between the two propositions is the voter approval threshold. Proposition 46 requires a two-thirds vote and Proposition 39 requires a 55% vote. Bonds authorized under Proposition 39 have annual tax rate limitations ($60 per $100,000 of assessed value (“A.V.”) for unified school districts and $30 for elementary and high school districts), and bonds authorized under Proposition 46 do not. For additional information, please contact a member of our California School Group.
WHAT CAN BE FINANCED WITH GO BONDS?
- Land Acquisition
- Purchase or Construction of New School Facilities
- Renovation & Repair of Existing School Buildings
- Furnishing & Equipping School Facilities
- Technology Improvements & Equipment
2018 GO Bond Elections
Proposition 39 elections may occur only on the same dates as statewide primary, general or special elections, or on a date coinciding with a regularly scheduled local election.
| Date of Election | Last Day for Governing
Board to Adopt Resolution Calling Election |
|---|---|
| June 5, 2018 | March 8, 2018 |
| November 6, 2018 | August 9, 2018 |
Note: Last day for Governing Board to adopt resolution calling bond election may vary by County.
After a Successful Election
After the celebrations have subsided following your district’s successful bond election, the practical rewards of the election victory become more apparent as you turn your attention to the sale of the bonds which will provide funds for spending on needed facilities projects. This is typically a three-month process that consists of the steps outlined below.
- Preparation of legal and finance documents
- Receive governing board approval for the sale of bonds
- Conduct discussions with credit rating agencies
- Receive credit rating for the bonds and consider bond insurance
- Distribute bond prospectus to potential investors
- Sale of bonds to investors, finalizing the structure of the bonds and interest rates
- Closing of bond issue and delivery of bond proceeds to the County Treasurer on behalf of the district
- Coordinate with the County Auditor-Controller for the levy of a property tax for the payment of semi-annual debt service on the bonds
Fabric of Society
The Fabric of Society Scholarship Program began in California in 2009 with $2,000 scholarships awarded to 20 graduating seniors from 20 public high schools across California. The program now awards scholarships to 50 high school seniors across the United States each year, of which 24 were California students in 2017.
Los Angeles Unified School District
2017 Winners
- Giselle Mora
- Hye Won Chung
- Chedeya Brown
- Angel Herrera
McFarland Unified School District
2017 Winners
- Alejandro Flores
- Rosa Lopez
Orange Unified School District
2017 Winners
- Nina Nguyen
- Leslie Munoz-Trevo
Oxnard Union High School District
2017 Winners
- Maria G. Malagon
- Jose Orlando Chacon
Point Arena Schools
2017 Winner
- Elise Allen
Riverside Unified School District
2017 Winner
- Wendy Osorio
San Bernardino City Unified School District
2017 Winner
- Brenda Espino
San Diego Unified School District
2017 Winner
- Philip Tran
San Francisco Unified School District
2017 Winners
- Katherine Nguyen
- Allan Lai
- Jonathan Chu
San Jacinto Unified School District
2017 Winners
- Amyela Adarlo
- Jessica Saucedo
San José Unified School District
2017 Winner
- Natalie Hernandez
San Lorenzo Unified School District
2017 Winners
- Carlos Martinez
- Kevin Tin Duong
Sequoia Union High School District
2017 Winner
- Sergio Lopez
Vallejo City Unified School District
2017 Winner
- Joel Christopher Alcaraz
STIFEL Contacts
Northern California | San Francisco Office
| Bruce Kerns | Erica Gonzalez | Roberto J. Ruiz |
| Managing Director | Managing Director | Vice President |
| 415.364.6839 | 415.364.6841 | 415.364.6856 |
| bkerns@stifel.com | egonzalez@stifel.com | rruiz@stifel.com |
Southern California | Los Angeles Office
| Dawn Vincent | Robert Barna |
| Managing Director | Managing Director |
| 213.443.5006 | 213.443.5205 |
| dvincent@stifel.com | rbarna@stifel.com |