April 14, 2022

OPSC- Cash for School Facilities on the Way

At the State Allocation Board (SAB) meeting on March 23, 2022, the Office of Public School Construction Staff (OPSC) noted that it anticipates receiving proceeds from the latest state bond sale issued by the California State Treasurer’s Office (Treasurer). The OPSC anticipates presenting projects on the Unfunded List (Lack of AB 55 Loans), including projects that received unfunded approvals at the March SAB meeting, to the SAB for priority funding apportionments at the April meeting. As of February 23, 2022, the Unfunded List (Lack of AB 55 Loans) included projects totaling $467.4 million.

The bond sale, announced by the Treasurer on March 14, 2002, included $2.22 billion in various state general obligation (GO) bonds—$1.45 billion in new GO bonds to finance voter-approved projects and $769.37 million of GO refunding bonds to refund previously issued bonds for debt service saving.

The Treasurer’s announcement noted that a portion of the $1.45 billion in new monies would fund projects under three different bond acts, one of which is the Kindergarten through Community College Public Education Facilities Bond Act of 2016 (Proposition 51). The proceeds from the refunding bonds will save taxpayers $237 million over the next 20 years.