County okays issuance of BUSD bonds

The County of San Diego has authorized the issuance and sale of up to $9 million of Bonsall Union School District general obligation bonds.

The 5-0 Board of Supervisors vote January 31 authorizes the first issuance of the bonds approved by the school district’s voters in the November 2005 election. A total of $17 million in general obligation bonds was authorized by the election, so after issuance of the first series of bonds the district will still have an additional $8 million authorized for future issuance.

The Bonsall Union School District, which was established in August 1895, covers 88 square miles and currently serves nearly 1,800 students while employing 114 teachers. The bonds, which will be paid with an additional property tax levy, will finance repair and rehabilitation of existing school facilities and the construction and acquisition of new classroom and school facilities.

The additional tax levy will be paid to the county and remitted to the school district by the county’s Treasurer-Tax Collector. The annual levy will be based on the assessed value of taxable property in the district and fluctuation in the assessed value, along with the issuance of additional bonds, may cause the annual tax levy and tax rate to fluctuate.