NORTHRIDGE : Bond Sale Held in CSUN Laboratory
State Treasurer Kathleen Brown held a $400-million bond sale in a decrepit chemistry lab at Cal State Northridge on Wednesday to show taxpayers where some of their money is going.
“What government does is abstract most of the time,” Brown said. “But looking at a school facility speaks volumes.”
About $442,000 of the voter-approved bond money will go to CSUN to pay for the renovation next year of chemistry, geology and physics labs, school officials said. The roof leaks and the equipment is rusty at the lab where Brown spoke.
The sale Wednesday brings to $4 billion the amount of bonds sold by California this year. Most of the money will be used to pay for improvements to state schools and colleges, with the remainder earmarked for improvements to parks, rail transportation and housing, state officials said.
The investment-banking firm of Goldman, Sachs & Co. was the low bidder, offering to loan California the money at an interest rate of 5.91%, the lowest rate for such a bond issue since 1979, Brown said.
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