DUSD saves $1.7M on Measure D bonds

DOWNEY - The Downey Unified School District saved more than $1.7 million for local property owners after it completed an advanced refunding of $17.62 million in voter-approved general obligation funds last week, DUSD officials announced.The advanced refunding involved outstanding issuances from the 2002 Measure D General Obligation Measure, which received a 67 percent approval from voters. Over the past five years, the school district says it has saved taxpayers nearly $4.5 million through refunding bonds. Measure D is responsible for many construction and modernization projects throughout the school district. The final fruits of the 2002 measure will be realized later this spring with the rebuilding of the old classroom and administration building (Building A) and construction of a new Career Technical Education building on the Downey High School campus. The DUSD's bond rating remains at AA-, one of the highest school district credit ratings in the state, officials said, adding that "investors were drawn to purchasing the refunded bonds due to Downey Unified's fiscally-conservative policies and its reputation of stability." "The Board of Education continues its excellent stewardship of the community's tax dollars," said DUSD superintendent Dr. Wendy Doty. "Maximizing the efficient use of the public's money is an integral piece of the Board's Vision Statement." "Interest rates are at historic lows and the timing of this transaction in the bond market almost doubled our initial projections, meaning significant tax dollar savings for the community," said Lynn Paquin, executive vice president of George K. Baum & Company, a privately-owned investment bank which handled the transaction for the district.

********** Published: February 9, 2012 - Volume 10 - Issue 43