Debt on Sheriff’s Station Retired 6 Years Early

Ownership of the Crescenta Valley sheriff’s station has been turned over to the county after the debt on the La Crescenta facility, built 20 years ago with government bonds, was retired more than six years ahead of schedule.

The early payoff is saving taxpayers almost $1 million in lease payments and still leaves another $150,000 in surplus savings, which were turned over to the county on Thursday. The $1.65-million station was built by the nonprofit Los Angeles County Montrose Sheriff’s Station Corp., a five-member board, and leased to the county to repay the bond debt, which was not scheduled to be retired until late 1997.

Board members refused over the years to turn surplus funds from the project over to the county, as is traditionally done, but instead invested them in high-interest accounts. This spring, the corporation’s savings matched the principal remaining on unredeemed bonds.