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.

2016 Underwriter Rankings

Source: Thomson Reuters

About GO Bonds

GO Bond Overview

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.


  • 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

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.

Go Bond Elections

After a Successful Election

Selling Your General Obligation Bond

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 KernsErica GonzalezRoberto J. Ruiz
Managing DirectorManaging DirectorVice President

Southern California | Los Angeles Office

Dawn Vincent Robert Barna
Managing Director Managing Director
213.443.5006 213.443.5205