FOR IMMEDIATE RELEASE
Executive Director of Communications and External Relations
Citrus College Bond Refinancing to Save Community Millions in Future Taxes
Glendora, Calif. (June 25, 2020) – Local taxpayers are estimated to save over $7.7 million after the Citrus Community College District Board of Trustees recently approved a plan to refinance outstanding voter-approved general obligation bonds.
Earlier this month, board members voted to take advantage of the nation's current low interest rate environment by refinancing portions of the district's Measure G bonds. These bonds, which were originally issued when interest rates were higher, will now be refinanced at current market rates. As a result, the remaining repayment period of the refinanced bonds will now be reduced by five years and property tax assessments will be lower over the long term.
"When voters approved Measure G in 2004, it was a pivotal moment for Citrus College. We want to assure community members that their investment has been a wise one, and that the district has taken great care to prudently manage resources," said Dr. Geraldine M. Perri, superintendent/president of Citrus College. "While the bond refinancing does not directly impact the college's own finances, it will be beneficial to those residents who have continuously supported our mission of providing quality educational experiences that lead to college completion and student success."
This will be the third time that Citrus College has refinanced Measure G bonds, with previous refinancing taking place in 2013 and 2015. As a result, the cumulative combined estimated savings to taxpayers is nearly $15 million.
"With interest rates currently near an all-time low, this is a great opportunity to save money for our taxpayers," explained Claudette Dain, vice president of finance and administrative services at Citrus College. "We always strive to be good stewards of district and community resources."
Nearly 16 years ago, local residents invested in the future of Citrus College students when they voted to support the $121 million Measure G general obligation bond. Since that time, many capital improvements have been made on the Citrus College campus. Completed construction projects include the Campus Safety Building, Mathematics/Sciences Building, Center for Innovation, Technician Development Center, Student Services Building and Visual Arts Building. The remaining Measure G funds are earmarked for the Educational Development Center modernization project.
"As the college prepares to begin work on the final Measure G project, the board of trustees and the college community continue to be grateful to our partners and neighbors who supported this bond, thus allowing Citrus College to complete a number of capital improvement projects," said Dr. Patricia A. Rasmussen, president of the Citrus Community College District Board of Trustees. "I am happy that this refinancing enables us to give back to our community."