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Superintendent reports bond sale savings, enrollment growth and summer facilities work
Summary
Superintendent Dr. Wilds reported the district sold bonds at a favorable rate that she said will save nearly $3 million over the life of the bonds, enrollment rose more than 5% to top 1,500 students, and facilities work this summer included HVAC installations and classroom storage improvements.
Dr. Wilds, the district superintendent, told the Hermosa Beach City School District Board the district completed a bond sale last week that resulted in lower-than-expected interest rates and an estimated savings of nearly $3 million in interest costs over the life of the bonds.
The superintendent said the timing of the sale and the absence of competing California bond sales helped secure a favorable rate. "We were able to save, the citizens of the taxpayers in Hermosa Beach almost close to $3,000,000 over the life of the of the bond," Dr. Wilds said.
Why it matters: Lower interest costs on the general obligation bond free up future district funds and reduce the…
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