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Hart board amends bonds for Castaic high school

Posted: December 13, 2012 5:42 p.m.
Updated: December 13, 2012 5:42 p.m.

To take advantage of historically low interest rates, members of the William S. Hart Union High School District board have voted to speed up issuance of revenue bonds for building a Castaic high school.

The board voted unanimously Wednesday night to issue up to $172 million in bonds to fund land improvements and facilities construction for the project.

The board originally approved the issuance of bonds for the school on Nov. 7. The plan then was to issue the bonds in two series: one that would fund land development and improvement for the project and the other that would fund construction of the actual high school buildings.

By issuing bonds all at once, the district stands to save money due to current low interest rates, according to Susan Hoerber, the district’s chief financial officer.

Lower interest rates mean the district pays less money to those buying the bonds, Hoerber said. Investors accept a lower payout because of the stability and relatively low risk of the bonds, she said.

The single issuance also gives the board more certainty moving forward, Hoerber said, because an earlier bond sale will help ensure money is available when construction begins on the high school itself.

These bonds are issued as a part of Measure SA. Approved by voters in 2008, the measure allows the Hart district to issue up to $300 million in bonds for facilities maintenance and construction.

After selling bonds for the Castaic high school project, the district will have about $12.2 million left in potential Measure SA bonds, Hoerber said.




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