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Hartnell Community College District Delivers Savings to Local Taxpayers

February 6th, 2014

SALINAS, Calif. - The Hartnell Community College District is proud to announce its most recent initiative to benefit its students and community members. At the February 4, 2014 Board of Trustees meeting, the governing board received a report from Piper Jaffray’s Senior Vice President, Ivory Li announcing that the results of this initiative will deliver bond interest rate savings to local taxpayers from the refinancing of some of the District’s Election of 2002 (Measure H) Bonds.

Under the leadership of the District Board of Trustees, the District administration chose to take advantage of low interest rates to refinance a portion of the Measure H Bonds without extending the term of those bonds. The District was able to lower the interest rates on the prior bonds from an average of 5.30% to an average of 3.32%, reducing the community’s tax bill by $2,280,289 over the next 16 years.

Hartnell’s Superintendent/President, Dr. Willard Lewallen is grateful to the taxpayers of the Hartnell CCD for their support of Measure H. "Through these bond funds we have transformed the facilities of the Hartnell CCD into modern, attractive, and functional spaces that support excellence in teaching and learning," he commented. "The refinancing of some of the bonds to save the taxpayers $2.3 million demonstrates our commitment to be good stewards of the taxpayers' money."

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

Hartnell Community College District

The Hartnell CCD serves over 15,000 students annually through its main campus in Salinas, the Alisal Campus in East Salinas, the King City Education Center, and various outreach learning centers throughout the Salinas Valley. Hartnell College, a Hispanic Serving Institution, provides workforce training, basic skills courses, and prepares students for transfer to four-year colleges and universities. Hartnell College is recognized for its innovative public and private partnerships that support world class STEM education, career technical education, fine and performing arts, humanities, and athletics. We are growing leaders through opportunity, engagement, and achievement. For more about Hartnell CCD, visit www.hartnell.edu.