Pleasant Valley School Bonds Get an A Rating

Standard & Poor’s has assigned its A rating to the Pleasant Valley School District bonds approved in the November election.

The G.O. bonds series 1998A, dated April 1 and due Aug. 1, 2028, went on sale last week.

Standard & Poor’s officials said the rating reflects the district’s place in the growing Ventura-Oxnard economy, with above-average income indicators; the district’s stable financial operations and position; and its manageable debt burden, with a good portion of its capital improvement plan funded.

The district serves most of Camarillo and unincorporated areas in southeastern Ventura County, providing kindergarten through eighth-grade education.

The district posted a $117,000 surplus in fiscal 1997, boosting its total reserve to $1.8 million or 5.7% of expenditures.

After several unsuccessful tries, district voters approved $49 million in G.O. bonds by a 71% rate. This series probably will be followed by a sale of about $5 million each year over the next eight years. This debt, along with state money, will essentially fund the district’s long-range capital plan.