News

College district refinances bond

The local community college district is refinancing, ensuring those who own property within the district will pay lower rates on one of the district's bonds.

On May 3, the Foothill-De Anza Community College District's board of trustees finalized a the refunding -- or restructuring -- of the Measure E bond, which will reduce the tax burden of property owners living within the district, according to Becky Bartindale, a college district spokeswoman.

The board originally authorized the restructuring of two bonds -- Measure E and Measure C -- but after all was said and done, only Measure E was refunded.

The process of bond refunding is similar to that of refinancing a home. And with interest rates for tax exempt bonds (such as Measure E) at or near all-time lows, Bartindale said the time was right for the district to act.

"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 a March 7 district press 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.

Though the savings per parcel is small -- 69 cents for every $100,000 of assessed property value -- it is estimated that the total combined savings of every property owner in the district should amount to about $13.1 million over the next 18 years.

Comments

Posted by Hardin, a resident of Cuesta Park
on May 16, 2012 at 1:59 pm

I guess what they say about the popularity of positive news stories is true...

Nevertheless, the college district should be recognized for being a good steward of the bond funds provided by the public, in pursuing this refinancing.

This is how we should expect all our government agencies to handle the public's money, to gain as much public benefit possible of every dollar provided.


Posted by Dr. Collateral, a resident of Cuesta Park
on May 16, 2012 at 2:15 pm

Dr. Collateral is a registered user.

Not bad going.


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