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Oxnard, Hueneme School Bonds Get 'A' Rating

June 02, 1998|BARBARA MURPHY

Standard & Poor's has assigned its 'A' rating to bonds being sold by the Oxnard Union High School District and the Hueneme School District.

The 'Oxnard district's G.O. bond series C is dated June 1, 1998, and due Aug. 1, 2028. The bonds, approved by voters in 1996, went on sale last month.

Also going on sale last month were the Hueneme district's G.O. bond series A, dated May 1, 1998, and due Aug. 1, 2022.

Oxnard Union's rating reflects the district's increasing enrollment, sustained growth in assessed property valuations with a solid tax base, stable financial performance and moderate debt.

The district serves 324,500 residents in Port Hueneme, Camarillo, Oxnard and an unincorporated portion of the county. It operates five high schools, one adult school and one continuation school.

The district enrollment of 13,010 students has been growing about 3% per year since 1994.

Hueneme's rating reflects a stable local economy anchored by the Naval Construction Battalion Center, conservative financial management and a manageable debt burden.

In March 1997, voters approved a $4.7-million authorization to modernize district facilities.

The district, with a population of 50,000, serves portions of Port Hueneme, Oxnard and some unincorporated areas of the county. The Naval Construction Battalion Center occupies half of the district and is the leading employer.

The district provides K-8 education at eight elementary and two middle schools for 8,240 students.

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