To fund MPCSD’s facilities expansion and improvements, our voters have overwhelmingly approved three bond measures: a $22 million bond measure in 1995 with 82% voter approval (the “1995 Bonds”), a $91.1 million bond measure in 2006 with 70.6% voter approval (the “2006 Bonds”) and a $23 million bond measure in 2013 with 75.3% approval (the “2013 Bonds”). MPCSD appreciates our community’s support of our previous bond measures. MPCSD will continue to adopt prudent loan parameters under current and future legislation in connection with the issuance of school bond financings.
The 1995 Bonds
MPCSD issued the 1995 Bonds in two financings: Series A and Series B were issued in 1996 and 1998, respectively. The 1995 Bonds were issued as 100% current interest bonds. The first payments for Series A and Series B were due in 1997 and 1999, respectively. Overall, the 1995 Bonds have a total debt repayment ratio (the sum of all interest and principal payments divided by the issue amount of the bonds) prior to completed bond refinancings of 1.80 to 1.
The 2006 Bonds
MPCSD issued the 2006 Bonds in three financings: Series 2007, Series 2008, and Series 2010 were issued in 2007, 2008, and 2010, respectively. The 2006 Bonds were issued as 48% current interest bonds and 52% capital/convertible capital appreciation bonds. The first payments for Series 2007, Series 2008, and Series 2010, were due in 2007, 2009 and 2013, respectively. Overall, the 2006 Bonds had a total debt repayment ratio prior to completed bond refinancing’s of 3.13 to 1.
The 2013 Bonds
MPCSD issued the 2013 Bonds in one financing: Series 2014, which was issued in 2014. The 2014 Bonds were issued as 100% current interest bonds. The first payment for Series 2014 was due in 2015. Overall, the 2013 Bonds had a total debt repayment ratio of 1.68 to 1.
We have saved our taxpayers over $25.3 million by issuing Refunding Bonds in 2005, 2012, 2014, and 2015. MPCSD remains committed to taking advantage of all future taxpayer savings opportunities.