ALAMEDA — A California charter school effectively borrowed 10-year money interest free this week, in what is believed to be the first qualified school construction bond deal by a California charter.

The $12 million issue for High Tech High, an established charter school ­organization in San Diego County, priced Tuesday with a 10-year bullet maturity yielding 5.04%, said Bill Wildman, managing director at underwriter RBC ­Capital Markets.

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