Allan Hancock College recently resold a portion of its outstanding Series A bonds, a move the college said will save taxpayers nearly $6 million over the life of the Measure I bond.
Measure I is the $180 million bond passed in 2006 that funds facility improvements and technology at the school. Hancock refinanced more than $52 million in the recent transaction. A press release from the college said the transaction doesn’t extend the term of the original bond, but it does reduce the interest
on the bond—which saves money over the long haul.
“This doesn’t save the college any money, but as stewards of the bond, we wanted to ensure that local taxpayers are benefiting from lower interest and favorable market conditions,” Board of Trustees President Larry Lahr said in the press release.
Measure I funds have been used to construct several new buildings—including a public safety training complex, sports fields, and a children’s center—and a few projects still remain. The largest of the remaining projects will be a new fine arts building.
This article appears in Oct 16-23, 2014.