San Jose Schools in Jacksonville, Florida, is offering redemption of principal and interest.
AdobeStock
San Jose Schools of Florida is offering optional redemption on $56.8 million of charter school bonds after defaulting on them in December.
Processing Content
Trustee UMB Bank announced the redemption of $56.8 million of principal plus $1 million of interest on the Municipal Securities Rulemaking Board’s EMMA website on Friday, setting Oct. 29 as the redemption date.
The bonds affected are Series 2021A, 2021B, 2021C, and 2021D Florida Development Finance Corp. educational facilities revenue refunding bonds.
San Jose Schools is a doing-business-as name for Bold City Education, whose chief executive officer didn’t immediately respond to a request for a comment.
UMB said in its EMMA posting the redemption is conditional upon the borrower providing funds for the redemption.
The unrated bonds were issued in 2021 with D.A. Davidson & Co. as the underwriter to refund bonds and to fund facilities for a Sunbeam Campus and a San Jose Early College at Cecil Field, both in Jacksonville. The Sunbeam Campus holds both an elementary school for K-5 and a prep school for 6-12.
Nationally, charter school bonds posted the most defaults, six, in the first half of the year, and the greatest number of defaults, 14, in 2025, across Default Trends’ 32 categories.
BlackRock Financial Management, Inc.–Municipal Group served as the bondholder representative in negotiating a consent and waiver with Bold City Education. BlackRock declined to comment.