The Glendale Elementary School District has sold the first $9 million of a $35 million bond issue that was approved by voters in November.
The bonds were sold with just a 1.83 percent interest rate, the lowest rate offered. The low interest rate means GESD will save its taxpayers significant dollars on the 10-year life of this bond sale. The District was able to secure the rate after receiving high bond ratings from S&P Global Ratings and Fitch Ratings. S&P ranked the GESD at A+ and the Fitch rant was AA+. Both bond houses sited the District’s conservative financial approach and its low debt.
“In the many times I have sold bonds I’ve never had an interest rate this low before,” said Assistant Superintendent for Business and Auxiliary Services Mike Barragan. “We’ve been good stewards of our taxpayer dollars, and as a result both the District and taxpayers will save because of this very low interest rate.”
The sale of these bonds will allow GESD to address structural deficiencies, make improvement, repair or replace equipment, and to add safety and security improvements.