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Community college district refinancing decision means lower property taxes

Mountain View property owners will soon be paying lower taxes, thanks to a recent action taken by the Foothill-De Anza Community College District's board.

The board voted March 5 to refinance portions of two of its general obligation bonds -- Measure E and Measure C. The move will save property owners who live within the district about $690,000 each year, or $13 million through 2030, according to district spokeswoman Becky Bartindale.

Rates for tax-exempt bonds, such as Measure E and Measure C, are currently at or near all-time lows, Bartindale wrote in a press release.

"While these savings do not come to the district, they will benefit property owners who support Foothill-De Anza's bond program," board President Joan Barram said in the release. "We are delighted to have this opportunity to return money to our local taxpayers."

The $248 million Measure E was approved in 1999 and the $490.8 million Measure C was passed in 2006.

A second Measure E -- which was a parcel tax, not a general obligation bond -- and which asked for $7 million over six years on the November 2010 ballot, fell short of the votes needed to pass.

Comments

 +   Like this comment
Posted by Christopher Parkinson
a resident of Willowgate
on Mar 16, 2012 at 10:02 am

Christopher Parkinson is a registered user.

Yeah and we are slated to see $27 per unit to attend community college. Community college needs to be free once again, but it has grown into a huge system of pensions and high salaries, and supporting the UC system. Remember the tuition goes into the single pot of educaiton in California and the state re-parses that money where the UC takes the lions share. UC should be free again too, but I dream.......


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