The Tahoe Forest Hospital District (TFHD) Board of Directors voted unanimously to decrease the Measure C general obligation (GO) bond rate to $19.78 per $100,000 of assessed homeowner property values at their regular meeting held on July 27, 2017.
The debt service requirement for the GO bonds in the 2017/2018 fiscal year is $4,845,875.02. Using data from Placer and Nevada counties, the District Board voted for the rate to be $19.78 per $100,000 of assessed property value, using 75% of the Districtâ€™s tax revenue reserves. The remaining 25% of tax revenue reserves will be used in future years to further reduce the impact to taxpayers.
Last year, a rate of $23.48 per $100,000 of assessed property value was needed to cover the Districtâ€™s GO bond debt service requirement, using 20% of the Districtâ€™s tax revenue reserves, allowing the remaining 80% of tax revenue reserves to be used in the 2017/2018 fiscal year.
The Tahoe Forest Hospital District Measure C general obligation bond was passed by local voters in 2006 in the amount of $98.5 million dollars, and was based on the need for the District to comply with Senate Bill 1953 mandating hospitals to meet new state seismic requirements.
In addition to upgrades needed for Tahoe Forest Hospitalâ€™s seismically noncompliant structures, the General Obligation bond supported projects the community deemed high priority, including the modernization of the Women and Family (OB) Center, the 24-Hour Emergency Department, the Long Term Care Facility, and the construction of the Gene Upshaw Memorial Tahoe Forest Cancer Center for our community.