The College of the Canyons announced Monday that taxpayers in the Santa Clarita Community College district will save money when it comes to paying down general bond debt tied to two bonds – Measure C and Measure M – that helped create the Canyon Country college campus and other facilities projects.
The college refinanced $ 36.8 million in bond debt, resulting in savings of $ 2.9 million over the remaining life of the bond – just over 18 years.
“Essentially, we’re getting a lower interest rate on bonds,” COC spokesperson Eric Harnish said. “This means that the payments on the bonds are going down, which is a good thing for local owners.”
Landowners in the district are paying off the bond debt through their property taxes, Harnish said. They will see the savings start on their 2021-2022 tax bills.
“When the opportunity arises, we certainly try to take advantage of it and reduce the cost to taxpayers by refinancing the bonds,” Harnish said, noting that the opportunities are determined by market conditions.
The SCCCD board voted to refinance the bond debt in April. The district finalized the transaction in late May, marking the college’s fourth debt refinancing since 2013.
“Since 2013, the Santa Clarita Community College District’s refinancing efforts have saved taxpayers nearly $ 50 million,” Sharlene Coleal, assistant superintendent / vice president of business services at the college, wrote in a statement. .
Voters passed Measure C, a $ 82 million bond, in 2001 to fund the acquisition of 70 acres of land on Sierra Highway to build the college’s Canyon Country campus. The funds also provided for the construction of a classroom and computer facility, science facilities, and classrooms and rehearsals for the performing arts.
Voters approved Measure M, a $ 160 million bond, in 2006, providing funding to complete the first buildings on the Canyon Country campus.
The two measures enabled the COC to receive $ 56.2 million in state construction funds, according to the college.