1. $49,999,957
   REDONDO BEACH UNIFIED SCHOOL DISTRICT
   GENERAL OBLIGATION BONDS
   (Los Angeles County, California)
2. $45,905,000
   KERN COMMUNITY COLLEGE DISTRICT
   REFUNDING CERTIFICATES OF PARTICIPATION
   (Kern County, California)
3. $8,000,000
   ORLAND JOINT UNIFIED SCHOOL DISTRICT
   GENERAL OBLIGATION BONDS
   (Counties of Glenn and Tehama, California)
4. $65,000,000
   STOCKTON UNIFIED SCHOOL DISTRICT
   GENERAL OBLIGATION BONDS
   (San Joaquin County, California)
5. $117,190,000
   GOLDEN EMPIRE SCHOOLS FINANCING AUTHORITY
   2008 LEASE REVENUE REFUNDING NOTES
   (Kern County, California)
6. $7,999,828.50
   ENTERPRISE ELEMENTARY SCHOOL DISTRICT
   GENERAL OBLIGATION BONDS
   (Shasta County, California)
7. $9,998,688
   SISKIYOU JOINT COMMUNITY COLLEGE DISTRICT
   GENERAL OBLIGATION BONDS
   (Counties of Siskiyou and Shasta, California)
8. $9,720,000
   PACIFIC GROVE UNIFIED SCHOOL DISTRICT
   GENERAL OBLIGATION BONDS
   (Monterey County, California)
9. $40,000,000
   HEMET UNIFIED SCHOOL DISTRICT
   GENERAL OBLIGATION BONDS
   (Riverside County, California)
10. $50,000,000
    GAVILAN JOINT COMMUNITY COLLEGE DISTRICT
    GENERAL OBLIGATION BONDS
    (Santa Clara County, California)
11. $100,000,000
    PERALTA COMMUNITY COLLEGE DISTRICT
    GENERAL OBLIGATION BONDS
    (Alameda County, California)
12. $47,275,000
    KERN COMMUNITY COLLEGE DISTRICT
    2007 REFUNDING CERTIFICATES OF PARTICIPATION
    (Kern County, California)
13. $42,000,000
    PALM SPRINGS UNIFIED SCHOOL DISTRICT
    GENERAL OBLIGATION BONDS
    (Riverside County, California)
14. $8,499,984.80
    DINUBA UNIFIED SCHOOL DISTRICT
    GENERAL OBLIGATION BONDS
    (Tulare County, California)
15. $11,545,000
    EAST SIDE UNION HIGH SCHOOL DISTRICT
    GENERAL OBLIGATION REFUNDING BONDS
    (Santa Clara County, California)
16. $19,997,738.75
    EAST SIDE UNION HIGH SCHOOL DISTRICT
    GENERAL OBLIGATION BONDS
    (Santa Clara County, California)
17. $2,600,000
    LOS OLIVOS SCHOOL DISTRICT
    GENERAL OBLIGATION BONDS
    (Santa Barbara County, California)
18. $23,650,000
    SANTA BARBARA SCHOOLS FINANCING AUTHORITY
    2007 GENERAL OBLIGATION REVENUE BONDS
    (Santa Barbara County, California)
19. $13,265,000
    SANTA BARBARA SCHOOLS FINANCING AUTHORITY
    2007 GENERAL OBLIGATION REVENUE BONDS
    (Santa Barbara County, California)
20. $60,000,000
    STOCKTON UNIFIED SCHOOL DISTRICT
    GENERAL OBLIGATION BONDS
    (San Joaquin County, California)

Lifetime health insurance. It must have seemed like a great idea at the time.

Not too long ago, it was common for local governments to promise their employees lifetime health insurance as a way to offset costly salary increases.

Today, and what looked like a simple solution has ballooned into a financial nightmare. Skyrocketing health care costs and an aging workforce have combined to make OPEBs (“Other Post-Employee Benefits”) one of the most vexing budgetary challenges now facing the public sector.

In 2002, Dale Scott & Company designed and developed the first OPEB Bond sold in the State, a $153 million bond financing for the Peralta Community College District.

In the years since, we have developed OPEB Bond solutions for districts around the State including East Side Union High School District, Kern Community College District, and West Valley-Mission Community College District.

A magic bullet? Hardly. But OPEB Bonds provide local governments with one of the few tools available to manage this budgetary crisis. But by restructuring unfunded pay-as-you-go OPEB liabilities into manageable annual payments, they allow a district the ability to regain budgetary control by alleviating stress on the general fund.