Thursday, January 31, 2013

LASD Saves Taxpayers $2.7M

LASD Assistant Superintendent for Business Affairs Randy Kenyon came to the Board last year to recommend refinancing the District's outstanding general obligation bonds.  You can't refinance bonds every time you think of it, so it has to be done wisely.  Once the Board approved, Randy lined up meetings with ratings agencies to discuss District financials.  He spent a full day going through our financials with them.  In the end, the ratings agencies were impressed, and we have one of the highest credit ratings of any school district in CA.

This week, we got to see the fruits of all that work.  We refinanced our bonds at a new low rate of 1.19%, saving our local community more than $2.5M of our tax dollars (that would eventually be used to pay the interest).  Amongst the other news this week, it would be a shame if this didn't get noticed.  When we talk about the work that Randy Kenyon has to do, this is all part of it.  Thanks, Randy!

Press Release: LASD Saves Local Taxpayers More Than $2.5M