September 11, 2012 > Ohlone College Refinances Bonds
Ohlone College Refinances Bonds
Submitted By Ohlone College
The Ohlone College District announced on Tuesday, August 28 that it has locked in significant savings of approximately $8.3 Million for local taxpayers by refinancing a portion of its Measure A (2002) General Obligation Bonds. The District took advantage of historically low interest rates by replacing $92.85 million in bonds at an average interest rate of 5.00% with new bonds at an all inclusive interest rate of 3.24%.
All of the savings from the refinancing were achieved as a result of these lower interest rates and through the use of current interest bonds. These savings will be realized by District taxpayers in the form of lower property tax bills over the next seventeen years, beginning with the 2013?14 property tax bill.
The District previously refinanced a separate portion of its Measure A (2002) General Obligation Bonds in September 2010, saving taxpayers nearly $3.5 Million in that effort. Combined with the savings from this week's refinancing, the total savings achieved for District taxpayers is $11.8 million.