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Measure E bond issuance costs exceed $6 million

Beverly Hills Weekly of Beverly Hills, California

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Minutes from the BHUSD Finance Committee's August 27th meeting indicate that the district may not have been entirely transparent about the second Measure E bond sale.

Committee members asked Chief Administrative Officer La Tanya Kirk-Carter why a $76 million cap was referenced when the district "really sold $82.6 million worth of bonds?"

The Finance Committee later mentioned that they "do not believe that the amounts of the bond were communicated and presented clearly to the community."

But according to Kirk-Carter, the additional $6.6 million covered the costs of issuing the bond.

"It has to do with all the costs of financing," Kirk-Carter said. "You [have to] pay the underwriter, the loan people, the title company, the insurance; so all the costs of selling the bond were paid out of the bond."

The Board of Education accelerated the Measure E bond with a 3-2 vote at then-June 18th meeting.

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Original Publication Date: October 22, 2015

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