In November 2008, voters approved Measure H, authorizing issuance of up to $30 million in General Obligation Bonds to finance the costs of improvement to parks, the library, and the swimming pool. On April 1, 2009, the City Council passed Resolution No.027-09, authorizing issuance of the first series of bonds in the amount of $15,000,000. On February 15, 2012, the City Council passed resolution No. 010-12, authorizing issuance of the second series of bonds in the amount of $10,000,000.  On October 4, 2017, the City Council authorized the refinancing of the Series A General Obligation Bonds to take advantage of lower interest rates, and authorized a new money issuance of the final $5 million of the $30 million authorized by the voters with Measure H in 2009.

On November 6, 2017, the City received a credit rating from Standard & Poor’s of AA+ on both issues. On November 14, 2017, bids were received for the sale of the bonds. The transactions for both the $5 million Series C, and $10.9 million in 2017 General Obligation Refunding Bonds closed on December 6, 2017. The Series C bonds were sold at a true interest cost (TIC) of 2.97% with bonds maturing over 25 years from August 1, 2018 through August 1, 2042. The 2017 General Obligation Refunding Bonds resulted in a net present value savings of approximately $3.3 million. The refunding resulted in a 23.7% savings in debt service over the refunded Series A Bonds. The annual debt service savings exceeded the $2.6 million in interest costs for the Series C Bonds.

• Completed Projects

Measure H Annual Reports

• Measure H - Annual Report to Council FY 21/22
• Measure H - Annual Report to Council FY 20/21
• Measure H - Annual Report to Council FY 19/20
• Measure H - Annual Report to Council FY 18/19
• Measure H - Annual Report to Council FY 17/18
• Measure H - Annual Report to Council FY 16/17

Citizens' Bond (Measure H) Oversight Committee

The City established a Citizens’ Bond Oversight Committee (Committee) to provide enhanced accountability to the citizens. The Committee’s purpose is to inform the public regarding the expenditure of bond proceeds and to ensure that the bond proceeds will be used only for the purposes specified in the ballot measure.

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