General Obligation Bond Sales

On June 6, 2006, voters in the District’s service area approved by a 65.69% margin a $490.8 million bond (Measure C).  The Foothill De Anza Community College District has already sold Series A, B and C General Obligations Bonds totaling $434 million.

Election of 2006 General Obligation Bonds, Series C

Sale Summary
On May 19, 2011, Morgan Stanley successfully sold $184 million of the District’s general obligation bonds. The Series C Bonds bring the  tax rate to $18.88 per $100,000 of assessed valuation.  This tax rate remains below the District’s original estimated total tax rate of $24 per $100,000 of assessed valuation for the June 2006 voter approved general obligation bond.

Election of 2006 General Obligation Bonds, Series C Pricing Results
Pricing Date 5/9/2011
Closing Date 6/9/2011
Par $184,000,000
All-in TIC 4.93%
Arbitrage Yield 4.88%
Average Estimated Tax Rate $18.88/$100,000 of AV
First Principal Payment Date 8/1/2028

Election of 2006 General Obligation Bonds, Series B

Sale Summary
On May 3, 2007, Morgan Stanley and UBS successfully sold $100 million of the District’s general obligation bonds. The bonds were sold with a qualified tax opinion and investors were restricted to approved institutional buyers due to the pending Measure C litigation. The Series A Bonds produce an estimated tax rate of $21.72 per $100,000 of assessed valuation. This tax rate is less than the District’s estimated a tax rate of $24 per $100,000 of assessed valuation during the June 2006 Bond Election.

Election of 2006 General Obligation Bonds, Series B Pricing Results
Pricing Date 5/3/2007
Closing Date 5/10/2007
Par $99,996,686.15
All-in TIC 4.73%
Arbitrage Yield 4.61%
Estimated Tax Rate $21.72/$100,000 of AV
First Principal Payment Date 8/1/2010

Election of 2006 General Obligation Bonds, Series A

Sale Summary
On April 18, 2007, Morgan Stanley and UBS successfully sold $150 million of the District’s general obligation bonds. The bonds were sold with a qualified tax opinion and investors were restricted to approved institutional buyers due to the pending Measure C litigation. The Series A Bonds produce an estimated tax rate of $21.72 per $100,000 of assessed valuation. This tax rate is less than the District’s estimated a tax rate of $24 per $100,000 of assessed valuation during the June 2006 Bond Election.

Election of 2006 General Obligation Bonds, Series A Pricing Results
Pricing Date 4/18/2007
Closing Date 5/10/2007
Par $149,995,250.35
All-in TIC 4.73%
Arbitrage Yield 4.62%
Estimated Tax Rate $21.72/$100,000 of AV
First Principal Payment Date 8/1/2010

© 2012 FHDA Citizens' Bond Overview Committee. All rights reserved.