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RICHLAND ONE SELLS $7 MILLION IN BONDS AT LESS THAN 1 PERCENT INTEREST RATE

Richland School District One sold $7 million in general obligation bond anticipation notes today at an effective interest rate of .983 percent. CIBC World Markets Inc. of New York was the winning bidder and purchased the notes. "This is the first time in my 25 years in governmental accounting and finance that we've sold fixed-rate bonds at less than 1 percent," said Diane McNabb of A.G. Edwards & Sons, the school district's financial advisor. The district will use the money to cover immediate expenses - such as architectural and construction management fees - related to its Schools for the 21st Century bond building program. Richland One Superintendent Dr. Ronald Epps said, "The fact we were able to secure such a low interest rate is proof of the financial stability of the district and the confidence of the markets in the district's financial management." Moody's Investors Service announced June 11 that it had assigned the "highest-grade short-term rating" to the notes.  "I'm phenomenally excited about the fact that we've sold these bonds at what I believe is one of the best interest rates in the history of school bonds in South Carolina and, as a result of this community's hard work, taxpayers will benefit significantly," said Vince Ford, chairman of the Richland One Board of School Commissioners.