The following is a press release from Perris Unified School District, originally released in April:
PERRIS— Perris Union High School District has successfully capitalized on favorable market conditions to refinance existing Community Facilities District (CFD) bonds, generating more than $9.9 million in total savings and strengthening the District’s long-term financial position.
On April 7, the District priced its 2026 Special Tax Revenue Refunding Bonds in the aggregate principal amount of $29,865,000, refinancing outstanding bonds within Community Facilities District No. 91-1 and No. 92-1. By securing significantly lower interest rates, the District has reduced future debt service obligations while maintaining a disciplined repayment structure.
“This is a major win for our district, community, and our students,” said Dr. Jose Luis Araux, Superintendent. “By acting decisively during a unique market opportunity, we were able to capture substantial savings that can now be reinvested directly into our school facilities. This reflects our ongoing commitment to strong fiscal stewardship and maximizing every dollar in support of student success.”
The District’s ‘A’ rated bonds were met with exceptional investor demand, receiving more than $180 million in orders for approximately $30 million in bonds offered—an oversubscription that allowed the District to reduce borrowing costs across all maturities further.
“The level of investor interest speaks volumes about the District’s financial strength and credibility in the market,” said Dr. Marguerite Williams, Assistant Superintendent of Business Services. “Because of this strong demand, we were able to lower yields across the board and lock in meaningful savings without extending the life of the debt.”
Importantly, the refinancing does not extend the bonds’ final maturity. The District successfully shortened the repayment term for CFD 91-1 bonds by three years, aligning both CFD 91-1 and CFD 92-1 to a final maturity date of September 1, 2038.
The savings generated from this transaction will be available for pay-as-you-go capital improvements, supporting critical infrastructure and facility needs across the District—without impacting its future general obligation bonding capacity.
“This refinancing presents a rare opportunity to demonstrate our commitment to providing modern facilities and the highest-quality educational environment. Achieving this level of excellence is only possible with the continued support of our community,” said Board President Edward Garcia, Jr.
