Lower Interest Rates Save YCCD Taxpayers $8-million On Bonds
Columbia, CA — The Yosemite Community College District reports that refinancing thanks to lower interest rates will save taxpayers $8-million on the 2004 Measure E Bonds.
Voters had approved issuing bonds to make various campus infrastructure improvements. According to the Chancellor’s Office, “The District was able to reduce the interest rates on the prior bonds from an average of 4.9% to 2.4%, reducing the community’s tax bill by a total of $8,010,720 over the life of the bond refinancing.”
YCCD Board Chair Darin Gharat says, “This is great news for the taxpayers of the Yosemite Community College District, especially during these challenging times; thanks to the hard work and determination of our Chancellor and District Administrative Team.”
The Chancellor’s Office adds, “While the District will not receive any part of the savings, the District Board and District Administration pursued this opportunity strictly on behalf of local taxpayers as part of their continued support for YCCD students.”
Chancellor Dr. Henry Yong concludes, “Whenever there is an opportunity to save the community taxpayers money, the District has an obligation to do due diligence, to realize savings for the taxpayers. I am delighted that we are able to do so today.”
YCCD includes both Columbia College and Modesto Junior College.