City of San Marcos, CA: City refinances more bonds to save taxpayers almost $2 million
For the second time this year, the City of San Marcos refinanced bonds to save property owners money. Property owners in the Old Creek Ranch area of San Marcos will save about $2 million in special taxes over the next two decades as a result of the refinancing. The bonds are part of Community Facility District (CFD) 2002-01, which helps pay for public infrastructure such as roads, traffic signals, and water and sewer facilities.
This move will refinance the $19.125 million of outstanding bonds from 5.88 percent to 4.60 percent. The city made a similar move in January 2012 by refinancing $22.6 million of outstanding bonds for CFD 88-1, which is saving taxpayers in the Paloma/Santa Fe Hills area an estimated $2.1 million.
Community Facility Districts, or Mello-Roos as they are more commonly known, help finance local public facilities and services like law enforcement, fire, landscaping, lighting and other community services. Cities often consider refinancing these long-term bonds if market conditions are favorable enough to save taxpayers money — something San Marcos has done at least a half a dozen times over the past 20 years to capture similar savings.
For more information, please visit the city’s comprehensive CFD online resource center or call (760) 744-1050.