Publish Date: Jan 19, 2016
Salinas, CA – At a press conference today, Superintendent/President, Dr. Willard Lewallen announced how the Hartnell Community College District will save taxpayers $175 million!
On December 22, 2015, the Hartnell Community College District (“District”) successfully issued a financing (“2015 Refunding Bonds”) that refinanced $94,840,985 of the general obligation bonds that voters approved in 2002 for Measure H to finance the acquisition, construction, reconstruction, and modernization of the District’s facilities.
"This is a great accomplishment for the community. On behalf of the Board of Trustees, we thank the Hartnell College leadership for executing the Board’s commitment to ensuring good stewardship of monies the citizens entrust us with," said Erica Padilla-Chavez, President of the Board of Trustees. "We are committed to continue the effective utilization of resources and to provide our community with the best learning facilities and opportunities to meet their educational and career needs."
“We are forever grateful for the support of the community in passing Measure H in 2002,” said Dr. Lewallen. “Saving the taxpayers $175 million through this refunding is our way of demonstrating that we are good stewards of the resources entrusted to us by the taxpayers.”
Through this refinancing, property owners in the district will save $175,000,000 over the next 34 years, which equates to more than $10.64 per $100,000 of assessed value annually. The largest tax rate savings begin in 2035.
“The taxpayers of the Hartnell Community College District put its trust in the Hartnell Board of Trustees and its administration to deliver on the promise through Measure H to create world class learning facilities,” said Dr. Deneen Guss, Chair of the Citizens’ Oversight Committee for Measure H and Deputy Superintendent for Monterey County Office of Education. “The District has delivered on that promise and the community is proud of the work being done here at Hartnell to educate our youth and our adults.”
As part of its preparation in selling the 2015 Refunding Bonds, the District’s credit quality was reviewed by Moody’s Investors Services and Standard & Poor’s. The rating agencies confirmed the District’s excellent rating of “Aa2” from Moody’s and “AA-” by Standard and Poor’s.
The 2015 General Obligation Refunding Bonds were sold with an average interest rate of 4.25% with the final maturity of 2049.
Hartnell Community College District
The Hartnell CCD serves over 16,000 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.
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