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 Date | 9/28/2016 |
| Closing Date | 10/19/2016 |
| Par | $30,765,000 |
| All-in TIC | 3.183831% |
| Arbitrage Yield | 3.131929% |
| Average Estimated Tax Rate | $14.55 per $100,000 of AV |
| First Principal Payment Date | 8/1/2027 |
Election of 2006 General Obligation Bonds, Series D
| Election of 2006 General Obligation Bonds, Series D Pricing Results | |
|---|---|
| Pricing Date | 9/28/2016 |
| Closing Date | 10/19/2016 |
| Par | $26,040,000 |
| All-in TIC | 2.944846% |
| Arbitrage Yield | 2.475657% |
| Average Estimated Tax Rate | $14.55 per $100,000 of AV |
| First Principal Payment Date | 8/1/2024 |
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 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 |