Friday, December 9, 2022

Mendocino-Lake Community College District Saves Taxpayers $12.7 Million

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The following is a press release from Mendocino College:

Mendocino College Library
Mendocino College Library [Picture from their Facebook page]

The Mendocino-Lake Community College District (MLCCD) recently locked in $12.7 million of savings for local taxpayers by refinancing a portion of its existing general obligation bonds. MLCCD had previously taken advantage of a similar refinancing opportunity in 2015, saving taxpayers over $36.5 million. The combined savings from both bond refinancings now totals approximately $49.2 million, which will be realized by district taxpayers in the form of lower property tax bills. 

Under the leadership of the MLCCD Board of Trustees, the district administration chose to take advantage of lower interest rates to refinance bonds from its Measure W authorization without extending the term of those bonds. MLCCD was able to reduce the interest rates on the prior bonds from an average of 5.13% to 4.23%, reducing the community’s tax bill by a total of $12,680,680 over the life of the bond refinancing.

Prior to the bond sale, MLCCD received a credit rating upgrade from Moody’s Investors Service. In its credit report, Moody’s noted that the rating increase from “A1” to “Aa3” is reflective of “continued solid growth in District tax base,” “steadily improving and strong reserves,” and “prudent fiscal management.” This high rating allowed MLCCD to attract a broad base of investors which included banks, insurance companies and investment/asset managers. 

While MLCCD will not receive any part of the savings, the Board of Trustees and district administration pursued this opportunity strictly on behalf of local taxpayers as part of their continued support for MLCCD students.

“We are thankful to the residents of the Mendocino-Lake Community College District for approving Measure W in 2006,” says Superintendent/President Tim Karas. “Bond funds were expended in December 2014 to build the North County Center (Willits), Lake Center (Lakeport), Library/Learning Resource Center (Ukiah), and provide other much needed facility improvements. As prudent stewards of public finances, we took action to lower local taxpayer bills.”

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3 COMMENTS

  1. California built 22 prisons but only one university since 1970
    Covid closed down schools, universities, and libraries but zero jails/prisons
    Our priorities?
    You learn violence and racial hate in prison, you forfeit

  2. We go into lifelong debt for student loans while tax payers support $40,000 to $85,000 a year for every orange jumpsuit. Hitler had a great idea but it required concentration. Our education vs incarceration system is not sustainable

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Matt LaFever
Matt LaFeverhttps://mendofever.com/
I like to think of myself as a journalist for the everyman. Journalism has become a craft practiced largely by the urban elite. It’s time to take it back. I have been an Emerald Triangle resident since 2006 and this is year ten in Mendocino County. Please, email me at matthewplafever@gmail.com if you know a story that needs to be told.

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