LACCD Sells Bonds to Fund Sustainable Projects

LOS ANGELES — The Los Angeles Community College District recently sold $425 million in bonds that will go toward funding its $6 billion building program to modernize and renovate facilities at its nine campuses.

The district sold $350 million in tax-exempt bonds at interest rates between 4.61 and 5.55 percent, and $75 million in taxable bonds at an interest rate of 7.53 percent, according to district officials. Eight investment firms led by Citigroup underwrote the bonds.

“The bonds were sold at very attractive interest rates and we are very pleased with the results, given the turbulence in the bond markets in recent months,” says Jeanette Gordon, LACCD Chief Financial Officer.

The district’s board of trustees put in place a policy that requires new buildings built with 50 percent or more with bond money to pursue LEED standards, according to school officials.