LLSD bond sale will complete Los Lunas High construction
The Los Lunas School District is set to sell a second general obligation school building bond on Sept. 10.
The $6 million from the sale will be used in part to pay the final match of $3.5 million on the $65 million Los Lunas High School construction project estimated to be completed by the summer of 2015, said Claire Cieremans, chief financial officer.
The state is footing 80 percent of the costs, with the district paying 20 percent in matching funds.
About $2.5 million from this sale will fund other projects around the district, such as upgrading playgrounds, heating and air conditioning, fire alarms and PA systems, repairing asphalt and designing Peralta Elementary School's renovations, said Cieremans.
The sale is the second in a series of four that were planned after voters approved a $25 million GO bond in February 2012.
These bonds must be sold within four years of the election, and can only be used to build or remodel school buildings and grounds, buy classroom computer software and hardware for student use, and provide matching funds for public school capital outlay projects.
"It's time for us to sell some of our bonds again to finance the different capital outlay projects going on in the district," said Superintendent Bernard Saiz.
After a presentation given by Jeremy Landrum from RBC Capital Markets, the district's bond advisor firm, the board of education passed a resolution to advertise and give public notice of the sale.
"We do anticipate a good bond sale with several competitors and a good interest rate in today's market," Cieremans said.
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