SAN FRANCISCO, Nov. 15, 2018 — Jefferson Union High School District (JUHSD) in San Mateo County, California and its financial advisor Dale Scott & Company (DS&C) have been awarded the 2018 Small Issuer Deal of the Year by The Bond Buyer. The award is the result of work by JUHSD and DS&C in creating the nation's first voter-approved teacher-staff housing general obligation bond. The housing constructed by the bond will be below market value, which will aid JUHSD in recruiting and retaining top tier educators.
The ballot measure authorizes a $33 million bond to convert an unused high school campus into over 100 rental housing units for teachers and staff. The measure required over 55 percent approval from district voters in the June 2018 Primary Election.
“Working alongside a client to design an innovative financing solution that improves the quality of life in their community is extraordinarily gratifying,” said Dale Scott, president of DS&C, a municipal financial advisory firm that assists California schools and community college districts with funding issues.
The units will be constructed with a type of bond that is typically used for school construction and renovation projects. Funds to repay the loan will be from taxes levied on residential, commercial and industrial properties within the district.
“The rental housing built by this bond will enable us to recruit and retain highly qualified educators by providing them with the opportunity to live and be a part of the communities in which they teach,” said Andrew Lie, president of the JUHSD Board.
Rental income from the units will be used to pay for operations and maintenance of the apartment buildings and make general improvements in the quality of education at JUHSD campuses. Construction is expected to be completed by early 2021.
About Dale Scott & Company:
For over 30 years, Dale Scott & Company (DS&C) has been helping California K-14 districts to address their facility and equipment funding needs and challenges. By developing long-term funding strategies together with innovative yet practical financing solutions, DS&C excels at creating financing programs that provide a roadmap for fiscal success for decades into the future.
For more information, visit www.DaleScott.com.
SOURCE Dale Scott & Company
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