Napa Valley College Delivers
$2 Million Savings to Local Taxpayers
2002 Bond Measure N Refinanced Without Extension of Term
June 16, 2014 (Napa, California) -- The Napa Valley Community College District is proud to announce its most recent initiative to benefit its students and community members. This initiative will deliver bond interest rate savings to local taxpayers from the refinancing of some of the District’s Election of 2002 (Measure N) Bonds.
Under the leadership of the District Board of Trustees, the District administration chose to take advantage of historically low interest rates to refinance a portion of the Measure N Bonds without extending the term of those bonds. The District was able to reduce the average interest rates on a portion of the prior bonds from 4.98% to 1.94%, reducing the community’s overall tax bill by $2,015,595 over the next 7 years. Approved by the college’s Trustees at its regular monthly meeting in May, the final interest rate for this refinancing was locked on June 3, 2014 and increased savings by $1 million from the original savings estimate.
While the District will not receive any part of the savings, the District Board and administration pursued this opportunity strictly on behalf of local taxpayers as part of their continued support for the education of the students of its community.