• At the March 14, 2024, Governing Board meeting, the Peoria Unified Governing Board voted 4-0 to approve the district to pursue a bond refunding related to prior bond sales in 2012, 2013 and 2014 that have become callable for early redemption.

    The voter approved 2012 Bond Authorization provided $180 million dollars in funding to Peoria Unified and supported critical initiatives such as facility renovations, technology upgrades and bus purchases.  The bond program was in place for ten years and is now complete.

    As of June 30, 2023, the district had $153,065,000 in outstanding bond related debt, of which $55.2 million in bonds have been identified as eligible for a refunding in 2024.

    Bond refinancings or “refundings” are used by state and local governments to achieve debt service savings on outstanding bonds.  The district most recently completed a bond refunding in 2015.

    Recognizing the potential for debt service savings that directly benefits community taxpayers, the district initiated a 2024 bond refunding that is estimated to have a $4,859,732 of net present value savings (8.8% of refunded principal) and $5,672,205 of future value savings, with an all-in true interest cost of 2.99%, pending the April 11, 2024 closing date.  Another benefit is that the 2024 refunding does not extend the original amortization timeline of the previously sold bonds.

    The Peoria Unified School District remains committed to transparency and accountability in all financial matters and was recently reaffirmed with a AA- credit rating from S&P.  The district’s credit worthiness has made the 2024 bond refunding possible.