Explanation of Actual / Projected Bond Funding

Series 2025 Bonds

The fourth and final series of Measure A Bonds ("Series 2025 Bonds") is expected to take place in February 2025 inthe amount of $12,000,000. We expect premium to again be deposited into a Debt Service Fund to lower taxes and have assumed a conservative estimate for Cost of Issuance + Underwriter's Discount of $276,000. Thus, the difference of $11,724,000 ($12 million less $276,000) is expected to be deposited into the District's Building Fund at that time. 

In total, the four series of bonds is expected to provide a total of $41,970,000 to the District's Building Fund.

Series 2022 Bonds

The third series of Measure A Bonds ("Series 2022 Bonds") is expected to take place in February 2022 in the amount of $12,000,000. We expect premium to again be deposited into a Debt Service Fund to lower taxes and have assumed a conservative estimate for Cost of Issuance + Underwriter's Discount of $276,000. Thus, the difference of $11,724,000 ($12 million less $276,000) is expected to be deposited into the District's Building Fund at that time.

Series 2020 Bonds

Based on the board presentation provided on September 11,2017, the second series of Measure A Bonds ("Series 2020 Bonds") is expected to take place in February 2020 in the amount of $10,000,000. We expect premium to again be deposited into a Debt Service Fund to lower taxes and have assumed a conservative estimate for Cost of Issuance + Underwriter's Discount of $260,000. Thus, the difference of $9,740,000 ($10 million less $260,000) is expected to be deposited into the District's Building Fund at that time.

Series 2017 Bonds

On November 30, 2017, the Fallbrook Union High School District ("District") sold its first series of Measure AA Bonds in the par amount of $9,000,000 ("Series 2017 Bonds"). The Series A Bonds generated $632,557.50 in premium, which cannot be used for capital projects. Instead, premium can only be deposited into the Debt Service Fund for the purpose of lowering debt service. The Cost and Issuance and Underwriter's Discount are upfront costs that were paid from the $9 million bond par amount, not premium. The total for these two expenses was $218,000 so the remaining balance of $8,782,000 is what is available for the District's building fund for the Series A Bonds.