Goldman Sachs 2009 Annual Report Download - page 21

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19
The Los Angeles Uni ed School District’s (LAUSD) multi-year
capital program, currently the largest public works project in
the U.S. employing 10,000 workers on a daily basis, will result in
131 new schools, 20million square feet of new construction,
and the creation of an additional 167,000seats by the end of2012.
In 2009, LAUSD, the nation’s second largest school district
serving 700,000 students, needed to raise $1.9 billion to
continue to fund the construction and renovation of its schools
and facilities. Facing challenging  nancing conditions due to
the volatile credit markets and state budget crisis, LAUSD turned
to the municipal  nance expertise of Goldman Sachs.
Goldman Sachs devised an innovative structure, using
programs created under the American Recovery and Reinvestment
Act of 2009 (ARRA), to create an effective solution, resulting
in approximately $350 million of savings in interest payments
compared with traditional tax-exempt  nancing.
The transaction included two new ARRA programs: $1.4billion
in Build America Bonds, allowing municipalities to access the
taxable bond market at a subsidized rate, and $319million
of Quali ed School Construction tax credit bonds. LAUSD’s
Quali ed School Construction Bond was the largest tax credit
bond ever sold and the  rst with multiple buyers. The balance
of the transaction came from the traditional tax-exempt bond
market. To ensure the success of the bond offering, Goldman
Sachs’ extensive marketing efforts focused on attracting
interest from a large and diverse group of investors worldwide.
Goldman Sachs was the leading underwriter for Build
America Bonds and Quali ed School Construction Bonds in
2009, helping state and local governments across the
country fund infrastructure projects, thereby supporting local
growth and jobcreation.
CENTRAL REGION HIGH SCHOOL #13 WILL HOUSE
OVER 2,200 STUDENTS FROM GRADES 9 TO 12
AND IS SCHEDULED TO OPEN IN THE FALL OF 2011.
Our Work Enables Growth