RECEIPTSAdd your district

Printed from https://districtreceipts.netlify.app/decisions/2022-05-17-gisler-sale-debt-prepayment/ on October 18, 2026. An independent project; every source is linked on the page.

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General budgetSchool year 2021-22

Use Gisler property sale money to pay off most of a district loan early

IN SHORT

Goal: After the July 1, 2022 payment and prepayment, the loan balance drops from $11,730,000 to $1,730,000, with only a portion of the payments due 2025 through 2028 left.

Result: Goal met. Public documents show the goal was met.

After selling the former Gisler Middle School property for $39 million, the board approved using $10 million of the sale money to pay off most of the district's 2020 Certificates of Participation (a type of long-term loan) early, without a prepayment penalty. The district said only $1,730,000 of the original $11,730,000 would remain.

  1. Brief

  2. Receipt

  3. Stamp (current stage)

01

Brief

What the board was deciding. Budget words explained

Meeting
May 17, 2022, agenda item A-85
Board Agenda Packet, May 17, 2022 (Resolution A-85-21/22), p. 90(opens in a new tab)
Vote
Approved
  • Ayes: 4
  • Noes: 0
  • Abstain: not recorded
  • Absent: not recorded
Board Minutes, May 17, 2022, p. 4(opens in a new tab)
Cost or savings
$10,000,000 from the Gisler property sale, plus $87,181.25 in accrued interest from the general fund, to pay the July 1, 2022 payment and prepay $9,255,000 of the loan.
Board Agenda Packet, May 17, 2022 (Resolution A-85-21/22), p. 90(opens in a new tab)
Options considered
No alternatives were listed in the documents reviewed.
Who is affected
Not specified in the documents reviewed.

02

Receipt

What the district said, word for word.

  1. GOAL 01

    “the principal amount of the Certificates to remain outstanding will total $1,730,000.”

    Resolution A-85-21/22, Fiscal Impact · Board Agenda Packet, May 17, 2022 (Resolution A-85-21/22), p. 91(opens in a new tab)

    In plain words
    After the July 1, 2022 payment and prepayment, the loan balance drops from $11,730,000 to $1,730,000, with only a portion of the payments due 2025 through 2028 left.
    Estimated amount
    No dollar amount stated
    How it will be checked
    The Unaudited Actuals include a schedule of long-term debt that shows the Certificates of Participation balance each year.

REVIEW DATE

September 15, 2023()

Receipts default rule: when the district publishes what it actually spent in 2022-23 (its "Unaudited Actuals" report).

The district didn't name a review date, so Receipts uses the date the district reports actual spending for the first full year after the change. How review dates work

03

Timeline

What happened, in order.

  1. Board ratifies the final terms of the Gisler property sale at $39,000,000, stating the proceeds "shall be used for facility improvements and to retire current bonded indebtedness"

    Source, p. 125(opens in a new tab)

  2. Board vote: Approved 4–0

    Source, p. 4(opens in a new tab)

  3. Review due (Receipts default rule)

  4. Stamped: Goal met

  5. TODAY

04

Stamp

How did it turn out? What the stamps mean

Stamps describe what public documents show. They are never a judgment of anyone's work or intentions.

Goal met

Stamped October 5, 2026 · Every quote checked against its source · Approved by a person before publishing

Before the prepayment, the loan's schedule ran to 2035 with $11,730,000 outstanding. The debt schedule in the district's 2025-26 year-end report (Unaudited Actuals) shows a Certificates of Participation balance of $1,230,000 on July 1, 2025 and $730,000 on June 30, 2026. That is consistent with the $1,730,000 the district expected to remain after the prepayment, followed by regular payments.

Evidence

How this was decided
Goal checked
“the principal amount of the Certificates to remain outstanding will total $1,730,000.”
Review date
September 15, 2023 (receipts default rule: when the district publishes what it actually spent in 2022-23 (its "Unaudited Actuals" report))
Rule applied
"Goal met" means: Public documents show the goal was met. The five stamps
What was found
The explanation above, based on 2 documents listed under Evidence.
Reviewed
Every quote checked against its source; approved by a person on October 5, 2026.

District response

Not yet invited

When the district is invited to review this record, the date will appear here, and any response will be added in the district's own words.

New stamps: the district gets 10 business days to review a stamp before it's published. How district responses work

05

Sources

Every document used on this page.

  1. 1.Board Agenda Packet, May 17, 2022 (Resolution A-85-21/22) (opens in a new tab) · pages 90, 91
  2. 2.Board Minutes, May 17, 2022 (opens in a new tab) · page 4
  3. 3.2025-26 Unaudited Actuals (Schedule of Long-Term Liabilities) (opens in a new tab) · page 87
  4. 4.Board Agenda Packet, February 8, 2022 (Third Amendment, Gisler property sale) (opens in a new tab) · page 125
  5. 5.Board Minutes, February 8, 2022 (Gisler property sale ratified, 5-0) (opens in a new tab) · page 4

Record last updated October 5, 2026. See something wrong? Send a correction.

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Cite as: Receipts. "Use Gisler property sale money to pay off most of a district loan early." Huntington Beach City School District decision record, last updated October 5, 2026. https://districtreceipts.netlify.app/decisions/2022-05-17-gisler-sale-debt-prepayment/

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