Sierra College to Save Taxpayers Approximately $5 Million on Bond Refinance
Published on Feb 26, 2013 - 7:04:58 AM
ROCKLIN, Feb. 25, 2013 - Taking advantage of historically low interest rates and its excellent credit worthiness, Sierra College saved taxpayers roughly $5 million by successfully refinancing its facility bond debt for its Nevada County and Tahoe Truckee campuses. The nearly $5 million in savings generated by this action will go directly to the taxpayers in those areas in the form of reduced property taxes over the next 17 years.
"Sierra College has a commitment to fiscal responsibility that has served us well during the recent tough economic times," stated Superintendent/President Willy Duncan, "This commitment extends beyond the college's own finances to our relationship with the taxpayers in our district. We are pleased to provide this savings to those who have supported us."
The Sierra College Board of Trustees enthusiastically endorsed the debt refinancing at its January 2013 meeting. Board President Howard Rudd commented, "We believe in being good stewards of public resources and respecting the trust that our communities placed in us when they passed Measures G and H."
This refinancing is part of the ongoing maintenance of existing debt which has resulted in significant savings over the last few years. The Bonds were sold Wednesday through a public offering, the interest rates are fixed, and the taxpayer savings are guaranteed.
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