Letter from the Measure CC Citizens’ Oversight Committee Chair

The District took the opportunity to refinance the Series 2004A Bonds to (1) reduce the number of years that the Series 2004A Bonds are outstanding; (2) reduce total debt service on the Series 2004A Bonds; and (3) provide additional funds (approximately $4 million) to pay for bond projects. These three objectives can be accomplished while maintaining the tax rate within the allowable $25 per $100,000 of assessed valuation. The proposed restructuring will not negatively impact the timing and availability of future issuance of the District’s bond authorization. In addition, the restructuring could be designed to allow the second series of bonds to be issued in 2005 as opposed to waiting until 2006.