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First Castaic bonds to go out in March

Posted: December 19, 2012 7:52 p.m.
Updated: December 19, 2012 7:52 p.m.

Officials in the Castaic Union School District are hoping to sell the first $10 million of Measure QS bonds by March, providing needed funding for projects district wide.

The plan, according to district documents, is to release the bonds in four primary series — one each in 2013, 2016, 2019 and 2022, according to Castaic district Superintendent James Gibson.

The first series of bonds, totaling about $10 million, would fund the beginning of improvement and modernization projects at Castaic, Live Oak and Northlake Hills elementary schools as well as Castaic Middle School, Gibson said.

The bonds are issued as part of Measure QS, an initiative approved by voters Nov. 6. Under Measure QS, the district has the ability to issue up to $51 million in bonds to fund construction, improvement and modernization projects district wide.

Unlike Castaic, the William S. Hart Union High School District voted last week to issue $172 million in Measure SA bonds early next year in one issuance.

The vote was aimed at taking advantage of current low interest rates.

The lower the interest rate, the less money the district has to pay to investors.

Gibson said the Castaic district’s plan is deliberately conservative but could be revised in the future if conditions merit.

“There’s clearly growth in our community and the economy is just starting to come back,” Gibson said. “As situations change we might do more than we expect. We may only do three series, we may only two series, but right now it would take four to meet our goals.”

Hart district’s Measure SA, approved by voters in 2008, gave the district the ability to issue up to $300 million in bonds. The funds will be used to build Castaic high school, among other projects.




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