History was made today in the Colorado charter school community when the Douglas County School District issued securities on behalf of a new charter school, Northstar Academy-West.
The Certificates of Participation were issued only for the charter school. This includes $7.5 million for site acquisition, $5.5 million for construction and $1 million for a debt reserve fund for a total of $14 million. Because the district issued the securities, the charter school is getting a 4.3% rate instead of the 9% rate it would have gotten if the school had used the Colorado Educational and Cultural Facilities Authority bond as most other charter schools have done. This is the first time that a district has issued securities on behalf of a charter school in this manner.
Northstar Academy-West will open next year as a second campus to already successful Northstar Academy in Parker.
Update: Douglas County News Press article