Piedmont voters give overwhelming approval to pension debt refinance

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February 5, 2014

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.[1][2]

Measure A
Approveda Yes 1,940 82.91%
Election results from Alameda County Elections office

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