NOVATO / KENTFIELD, CA—In the first week of February, College of Marin (COM) successfully refinanced its $127.7 million 2020 General Obligation Refunding Bonds (bonds) to save taxpayers $12,007,220.
Efforts by the District to refinance bonds in 2012, 2015, 2016, and 2017 netted savings of $22,306,468.06. Combined with this sale, the total savings to taxpayers reach $34,313,690.26.
Prior to the sale, the Measure B bonds received the highest possible credit rating of ‘Aaa’ from Moody’s Investors Service. It was noted that the top credit rating helped distinguish the District’s bonds from other financings and attracted robust investor interest.
The bonds ultimately achieved a very low all-inclusive interest cost of 1.66 percent, which replaced the prior bonds’ average interest rate of 3.48 percent (without any extension of the original repayment term). The final savings achieved represents a successful outcome to the benefit of Marin taxpayers.
“Just as our community continues to support us, we take seriously our responsibility to Marin taxpayers,” said Superintendent/President David Wain Coon. “Being a good fiscal steward includes remaining cognizant of market conditions and acting when there’s an opportunity to lower the taxpayer’s burden.”