Local School Bonds – Decisions ’24
RIVERSIDE – Based on ballot results Thursday afternoon, a proposed bond sale of nearly $1 billion to cover costs associated with upgrades to facilities within the Riverside Community College District was holding a slim margin in favor of approval, despite the higher property tax obligations it would impose.
Tabulations indicated 55.85% support for Measure CC, which was put before voters in Riverside, Moreno Valley, Norco, Corona, Jurupa Valley and multiple unincorporated communities. The threshold for approval of the bond sale is 55%.
The measure seeks a $954 million sale of general obligation bonds with a duration, or payoff period, of just over three decades. By the time of full debt amortization, the total cost of principal and interest would come to about $1.9 billion, according to ballot materials distributed to the public…