San Bernardino Community College District Refinances Bonds, Saving $10M
SBCCD will continue ensuring that local tax dollars are put to work in classrooms, labs and career training facilities for local students
San Bernardino, CA – San Bernardino Community College District, which includes Crafton Hills College and San Bernardino Valley College, announced today that the community’s tax bill will be cut by nearly $10 million as a result of refinancing bonds.
“Our mission of educating and making life better for others goes beyond the walls of our campuses; we are proud to lift up our community by saving taxpayer dollars,” said President of SBCCD’s Board of Trustees Joseph Williams.
Under the leadership of the SBCCD Board of Trustees, district administrators chose to take advantage of low-interest rates to refinance bonds from Measure P and Measure M, approved by voters in 2002 and 2008, respectively, without extending the term of those bonds. The refinancing cut the interest rates by about 40 percent and will result in reduced property tax bills for every property owner within the college district, including the cities of Colton, Highland, Redlands, Rialto, San Bernardino and Yucaipa, among others.
“With the generous support from our community, SBCCD will continue ensuring that local tax dollars are wisely put to work in classrooms, labs, career training facilities and student support services to educate the skilled workers who fuel our economy,” said Chancellor Bruce Baron.
The district’s ability to maximize tax dollars contributed to Standard and Poor’s upgrading SBCCD’s credit rating to “AA” from “AA-minus” and earning an “AA2” rating from Moody’s Investors Service. These are among the highest credit scores available for a California community college district, and a market indicator of SBCCD’s sound financial management.
San Bernardino Community College District serves 20 cities in the heart of Inland Southern California and creates new opportunities for 23,000 students each year through two fully-accredited campuses: Crafton Hills College and San Bernardino Valley College. We cultivate minds and transform our community through our Economic Development & Corporate Training division and KVCR, the region’s National Public Radio (NPR) and Public Broadcasting System (PBS) television station affiliate. Through our day-to-day educational enterprise, SBCCD generates $621 million in local economic activity each year. Learn more at www.sbccd.edu or watch our video.