June 10, 2004
Taxpayers will save millions thanks to the low 4.98 percent interest rate the Long Beach Unified School District will pay on its latest school bonds issued this week. The entire block of $50 million in LBUSD bonds was sold in one day in competitive bidding by large financial institutions. Stone and Youngberg, LLC, bond underwriters, bought the bonds. The low interest rate and the high demand for the bonds are the result of their high Aa3 bond rating.
The school district’s excellent credit rating, based on LBUSD’s sound finances, places it among the top 1 percent of the state’s nearly 1,100 school districts. The bonds will provide funds for construction and modernization.
The bonds were approved as part of the $295 million Measure A passed by voters in 1999. They are matched by state funds and can be used only to build or renovate schools.