SAN FRANCISCO - The San Diego Unified School District next week plans to sell the first of the qualified school construction bonds authorized under the federal stimulus package. It expects to pay no interest on the debt.
The district will sell $38.8 million of so-called QSCBs as part of a $170 million general obligation bond issue. The school district will make no coupon payments on the taxable QSCBs and plans to sell them at par. Instead of interest payments, investors will collect tax credits from the federal government.