The Board of Supervisors unanimously approved College of the Canyons’ $31 million refund of a recent outstanding general obligation bond Tuesday, saving taxpayers $8.3 million over the next 23 years, according to COC.
“Annually, Auditor-Controller staff contact each school and college district to determine the amount of new bonds they plan to issue, and we calculate bond payments due for the upcoming year,” said Arlene Barrera, auditor-controller for Los Angeles County. “Our Board of Supervisors approve the annual tax rate resolution for each of the school districts.”
In addition to approving the refund, the Board of Supervisors also directed the Auditor-Controller to control the money and confirm it fulfills the requirements of the debt service schedule. The Auditor-Controller will have this control once the bonds are sold, according to the agenda report.
“Today’s board item references approval of a 2001 election passed by the voters to issue bonds in the amount of $82,110,000 and a 2006 election held on Nov. 7, 2006,” said Barrera. “It appears a portion of the outstanding balance from these two issuances are combining to issue the refunding bonds.”
In the last six years, the college had refunded bonds three times to lessen the tax impact on property owners, a COC news release says.