Columbia Association Pays Off Bonds

As of Dec. 1, Columbia Association (CA) will have achieved a significant milestone by paying off the last Senior Secured Bonds issued between 1973 and 2001. A total of $133 million was raised during that time from the bonds – money that was the main source for the building up of Columbia Association and CA’s physical amenities.

CA created Columbia’s amenities in advance of what was long a developing community. Issuing bonds allowed for these amenities to be built for those moving to and living in Columbia, creating the high quality of life that has become the hallmark of this area.

With the bond debt paid off, CA was able to take out a 15-year bank loan at a low interest rate of 3.63 percent, locking in this rate before it can rise. CA also has a line of credit of $25 million to access on an as-needed basis at a variable interest rate. These will help pay for CA’s capital projects, which are also funded by income from operations and the annual charge.

About Columbia Association

Columbia Association (CA) is a nonprofit service corporation that manages Columbia, Maryland, a planned community that is home to approximately 100,000 people and several thousand businesses. Additional information about CA is available at ColumbiaAssociation.org.