School bonds valued at $7.5 million sold |

School bonds valued at $7.5 million sold

Bonds with a face value of $7.5 million were sold to the public Wednesday to finance improvements at Bear River, Nevada Union and Sierra Foothill high schools.

The bonds, representing half of the total authorized by voters when they passed measure A in March, will result in proceeds of about $7,498,000 to the Nevada Union Joint High School District.

Charles Youtz, senior vice president of George K. Baum & Co. and manager for California public finance, said his firm agreed to underwrite the bonds at a net interest cost to the district of 5.04 percent on the 25-year issue.

“Taxpayers got a very good deal today,” said Julie Hopkins, assistant superintendent of business for the school district. The cost to property owners in the district is less than $10 per $100,000 of assessed valuation per year, she added.

“The interest we’ll be paying will be very low,” said Joe Boeckx, superintendent of the district.

The money will pay for a new auditorium and aquatics center at Bear River; for compliance with the Americans With Disabilities Act, gyms, classrooms, and an air conditioning and heating system at NU; and for renovated bathrooms, ADA compliance, and heating and air conditioning renovations at Sierra Foothill.

Hopkins said the remaining $7.5 million in bonds authorized by voters will be sold in about two years.

The bonds, available in increments of $5,000, are tax-free for California residents, according to Michael McDaniel, an investment representative in the Grass Valley office of the Edward Jones investment firm.

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