Measure C 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 sold Series A, B, C, D and E General Obligations Bonds totaling over $490 million.

Election of 2006 General Obligation Bonds, Series E (Taxable)

Election of 2006 General Obligation Bonds, Series E (Taxable) Pricing Results
Pricing Date9/28/2016
Closing Date10/19/2016
Par$30,765,000
All-in TIC3.183831%
Arbitrage Yield3.131929%
Average Estimated Tax Rate$14.55 per $100,000 of AV
First Principal Payment Date8/1/2027

Election of 2006 General Obligation Bonds, Series D

Election of 2006 General Obligation Bonds, Series D Pricing Results
Pricing Date9/28/2016
Closing Date10/19/2016
Par$26,040,000
All-in TIC2.944846%
Arbitrage Yield2.475657%
Average Estimated Tax Rate$14.55 per $100,000 of AV
First Principal Payment Date8/1/2024

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 Date5/9/2011
Closing Date6/9/2011
Par$184,000,000
All-in TIC4.93%
Arbitrage Yield4.88%
Average Estimated Tax Rate$18.88/$100,000 of AV
First Principal Payment Date8/1/2028

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 Date5/3/2007
Closing Date5/10/2007
Par$99,996,686.15
All-in TIC4.73%
Arbitrage Yield4.61%
Estimated Tax Rate$21.72/$100,000 of AV
First Principal Payment Date8/1/2010

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 Date4/18/2007
Closing Date5/10/2007
Par$149,995,250.35
All-in TIC4.73%
Arbitrage Yield4.62%
Estimated Tax Rate$21.72/$100,000 of AV
First Principal Payment Date8/1/2010