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School districts can save their taxpayers money by refinancing their outstanding general obligation bonds into lower interest rates. However, many smaller refundings cannot be completed because high fixed costs of issuance carve too deeply into potential savings.

Increase Taxpayer Savings With Shared Financing

The Program

For over 30 years, California school districts and community college districts have saved time and money by issuing tax and revenue anticipation notes (TRANs) through the California School Cash Reserve Program Authority sponsored by CSBA, the largest pooled TRAN financing in the nation. The GO Bond Refunding Pool follows in this tradition by allowing districts to unlock taxpayer savings by driving down costs through an easy-to-use shared financing platform.

Key Features

  • Reduced issuance costs – more savings to taxpayers
  • Streamlined financing process with standard documentation
  • CSBA administration – year-round oversight and support
  • Adjustable fees based on net taxpayer savings eliminating high fixed costs of issuance
  • No risk to District’s General Fund - All costs of issuance fully contingent on the successful closing of the financing and paid from bond proceeds 

Steps in the Process

CSBA Financing Team


Initial analysis of potential taxpayer savings

Preparation of board-ready legal documents
Financial documents (audits, budgets) for credit review
Board approval of financing resolution   checkmark
Consultation with district’s financial advisor (optional)  checkmark  
Preparation of financing for market  checkmark  
Management of sale of pooled financing to investors  checkmark  
Report of sale results and final savings  checkmark  
Communication with County regarding new payments  checkmark  

Contact Us

James Collins
California School Boards Association