Opus Bank’s Public Finance division provides a $5,480,000 term loan to Beardsley School District for general obligation bond refunding.
Overview of Transaction
Beardsley School District (“Beardsley”) was established in 1882. Beardsley provides education services to an area of approximately 17,800 people in Bakersfield, California and operates 3 elementary schools and one middle school with approximately 1,800 students from Kindergarten to 8th grade.
Significance of Transaction
Opus Bank (“Opus”) provided a loan, proceeds of which were used to refinance general obligation bonds of the District, saving a total of $690,000 for local taxpayers over the next 15 years.
Opus Bank's Role
Opus was able to complete the refinancing on a quick turn-around schedule, maximizing the tax savings benefits for local residents and businesses.