School District Raises $19 Million in Bond Sales for Schools Upgrades

This week the Los Alamitos Unified School District completed the sale of $19 million in construction bonds for modernization projects at schools around the district.

Los Alamitos school district voters approved the bond sales in 2008 under Measure K, allowing the district to raise money for school upgrades at an interest rate of 0.92 percent. District officials estimate that the low interest rate will save residents in Seal Beach, Rossmoor and Los Alamitos about $63 million in taxes over the life of the bond program.

The district applied along with school districts around the country for a national program entitling them to sell bonds at low interest rates.

“We basically won for a variety of reasons,” said Dr. Jeffrey Barke. “The main reason is because our fiscal house is in order.”

The bond money helped to pay for the modernization projects at McAuliffe Middle School, McGaugh Elementary and the ongoing project at Los Alamitos Elementary School, added Barke.

“Our schools are all really, really old,” Barke added. “Although we have done a good job of keeping them up cosmetically, underneath the surface they have rotting wood and classrooms that are grossly outdated from a standpoint of computer technology.”

The Qualified School Construction Bonds can only be used for facility upgrades and not to fill budget gaps in salaries or retirement packages, he said.

“We are pleased that the Los Alamitos Unified School District remains so well respected among investors and we were excited to be able to participate in a process that will save our community property tax payers so much money,” Patricia Meyer, the district’s assistant superintendent said in a written statement. “The Administration and Board of Education is committed to being good stewards of public funds and providing students with the tools they need to achieve academic success."