Council Approves Bond Deal to Help Loyola High

From Times Staff and Wire Reports

The Los Angeles City Council approved a tax-exempt bond agreement Wednesday that would cost the city nothing but would benefit Loyola High School.

The approval allows the city to issue $30 million in tax-exempt bonds on behalf of the Catholic school, where Mayor Antonio Villaraigosa’s son is enrolled. No city funds would be at risk, according to a city analysis of the deal, which gives Loyola better financing than would be available through the private sector.