LAUSD Announces Significant Savings to Taxpayers: Sells General Obligation Refunding Bonds by Using a Competitive Method Sale

LOS ANGELES -The Los Angeles Unified School District (LAUSD) announced the successful, competitive sale of $326.045 million in general obligation refunding bonds. This sale will generate nearly $81 million of overall savings for taxpayers over a period of several years.

“We want to thank our taxpayers who have continued to support our bond program,” LAUSD Superintendent Ramon C. Cortines said. “The District has always been committed to taking advantage of favorable market conditions to reduce costs for taxpayers.”

The bonds were issued under Proposition BB, which was LA Unified’s first bond measure supporting the District’s multi-billion dollar new construction and modernization program.

“The District is taking this opportunity to diversify our method of sale of our long-term bonds,” LAUSD Chief Financial Officer Megan Reilly said. “We sold these bonds using a competitive method sale, which yielded great savings. We also took advantage of current, favorable market conditions by accessing the market on an expedited basis.”

The all-in interest rate for these bonds is 1.871 percent.

For more information on our bond program, please visit: www.laschools.org.

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Contact: Shannon Haber, 213.241.4575