Q: I'm hearing the original financing was $14,555,000 in 1991/2, but that the cost of Foothill was $17,110,000. Which is it, and what is the difference?
A: Per Janelle Uthiem, Asst. Superintendent of Financial Services, the original financing was for $14,550,000 in 1992. In 1993, the amount was increased to $17,110,000, but at a lower interest rate, keeping annual payments the same. The additional amount paid for offsite utilities, including the sewer plant. In 2003, the loan (COP) was refinanced to lower interest rate, lowering the annual payments to their current levels ($1.158M/year), with final installment in March of 2017.
A: Per Janelle Uthiem, Asst. Superintendent of Financial Services, the original financing was for $14,550,000 in 1992. In 1993, the amount was increased to $17,110,000, but at a lower interest rate, keeping annual payments the same. The additional amount paid for offsite utilities, including the sewer plant. In 2003, the loan (COP) was refinanced to lower interest rate, lowering the annual payments to their current levels ($1.158M/year), with final installment in March of 2017.
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