Piedmont voters give overwhelming approval to pension debt refinance
By Josh Altic
Last night, election officials counted up the votes for Measure A, the bond issue that will be used to refinance about $7.8 million of pension "side-fund" debt to CalPERS for the city of Piedmont, California. The results were more than conclusive, with over 82% of voters approving the measure, which is the first California local ballot measure of 2014. As of the vote count at 9:28 PM PST, 1,940 Piedmont residents voted for Measure A, and only 400 voted against it. Although 8,268 people are registered to vote in the city, only about 30% voted yesterday through vote-by-mail ballots or in person. Measure A will allow the city to borrow $8 million to pay off its debt to CalPERS, which is charging interest at a rate of 7.5%. City officials hope to find a lower interest rate for Measure A bonds and estimate that the approval of this measure could save the city between $600,000 and $700,000.
- Election results from Alameda County Elections office
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