Tahoe Forest Measure C bond rate deceases by 10 percent
Last month, the Tahoe Forest Hospital District Board of Directors voted unanimously to decrease the Measure C general obligation bond rate by 10 percent.
Based on increases in assessed values provided by Placer and Nevada counties, the new rate per $100,000 of assessed values is $26.79 to cover the 2015-16 debt service requirement, according to a news release from the district.
It marks a decline in the rate compared to 2014-15 by $3.25 per $100,000.
Aside from better property values, the hospital district refinanced the first series of bonds, Series A, in May 2015, which lowered the interest rate, which in turn lowered the debt service requirement, officials said.
The debt service requirement for the 2015-16 fiscal year will be $4,881,919.
Measure C general was adopted by Truckee and North Shore voters in 2006 in the amount of $98.5 million, and was based on a need to comply with Senate Bill 1953 requiring hospitals to meet seismic requirements, according to TFHD.
The bond also supported projects the community deemed high priority, according to the hospital, including modernization of the Women and Family (OB) Center and construction of the Gene Upshaw Tahoe Forest Cancer Center.