LAUSD SPINOFF AIMS TO CUT BUILDING COSTS.Byline: Harrison Sheppard Staff Writer The Los Angeles school The Los Angeles School of Urbanism is an academic movement emerged during the mid-1980s, loosely based at the University of Southern California and UCLA, that poses a challenge to the dominant Chicago School of Urbanism. board on Tuesday created a separate nonprofit corporation nonprofit corporation n. an organization incorporated under state laws and approved by both the state's Secretary of State and its taxing authority as operating for educational, charitable, social, religious, civic or humanitarian purposes. that will allow the district to save $10,000 to $15,000 each time it finances certain types of facilities projects. As its first action, the new Los Angeles Unified School District The Los Angeles Unified School District (the "LAUSD") is the largest (in terms of number of students) public school system in California and the second-largest in the United States. Only the New York City Department of Education has a larger student population. Financing Corp. authorized $180 million in certificates of participation to fund a variety of projects, including new portable classrooms and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. for auditoriums at year-round schools. A certificate of participation is a financing device similar to a bond, but it is paid back through the district's regular budget and not increased taxes. Previously, when the district issued certificates, it was legally required to use an independent nonprofit corporation as a conduit for the funds between the district and the bank. Those nonprofit corporations would typically charge $10,000 to $15,000 for transactions involving a minimal amount of work. By creating its own nonprofit financing corporation Financing Corporation (FICO) A government agency chartered in 1987 to bail out the Federal Savings and Loan Insurance Corporation (FSLIC) by issuing bonds. , which involves few expenses other than about $5,000 in start-up costs, the district can save those fees, officials said. Creating separate financing corporations is common among California school districts, including Pasadena, San Jose and San Francisco, according to the district's bond counsel, Christina N. Crosby. |
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