(Sacramento Bee) Rancho Cordova taxpayers eventually will pay $9.1 million to retire just $514,000 in capital appreciation bonds issued by the Folsom Cordova Unified School District – about $18 in payments for every $1 borrowed.
The bonds paid for school upgrades and construction in Folsom Cordova's Improvement District 4, the same area that is the focus of a $68 million bond measure on the ballot this November.
None of the $9.1 million in payments will be made for 23 years, as interest accumulates. Then the entire tab will be paid over two years, bond statements show.
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