Taxpayers Benefit from Refunding – from Series A to Series C Bonds

(SAN MARCOS, CA – March 6, 2015) Local taxpayers have a lighter load to pay, thanks to Palomar College’s refunding of series A general obligation bonds that were put into place as a result of the passage of Proposition M in November 2006.

“We saved the taxpayers $17.5 million by refunding those bonds,” said Palomar College Vice President of Finance and Administrative Services Ron Perez.

Perez discussed the refinancing at the College’s last two Governing Board meetings. He thanked his staff for their work on the Bond refunding, which took advantage of favorable conditions in the financial market and involved no issuance of capital appreciation bonds. At the February meeting the Governing Board passed a resolution for a new issuance of Series C Bonds.

# # #

Media contact:

Laura Gropen, Director, Public Affairs, lgropen@palomar.edu, 760-744-1150 ext. 2152

Melinda Finn, Public Affairs, mfinn@palomar.edu, 760-744-1150, ext. 2365