District will refinance bonds in order to save taxpayer dollars
Santa Ana, CA – At its regular board meeting on July 13, 2020, the Rancho Santiago Community College District (RSCCD) Board of Trustees voted to refinance outstanding bonds for Measure E, a districtwide general obligation facilities bond, and Measure Q, a School Facilities Improvement District (SFID) bond to realize a combined estimated savings to taxpayers of $23.7 million or more over the life of the repayment of the bonds.
In 2002, voters approved Measure E, a $337 million general obligation bond to renovate existing campus buildings and construct new classrooms to alleviate over crowding and expand the educational and training programs at Santa Ana College, Santiago Canyon College, and the regional education centers. To date, every priority project earmarked for funding under Measure E has been or will be completed on schedule.
In 2012, voters again invested up to $198 million in Santa Ana College by approving Measure Q to renovate, repair and construct much needed educational facilities including the college’s science center, the Johnson Student Center and additional classroom and training program spaces. The bond also covered the construction of a central plan, enhanced infrastructure, and renovated Dunlap Hall.
“As the governing board and also as community members, it is incumbent upon us as trustees to ensure we are good stewards of our taxpayer dollars,” said Board President Claudia C. Alvarez. “At this time, when budgets are rapidly shrinking and we continue to serve even more students, we must seek every opportunity to save money while continuing to provide the education and services our communities deserve. Here, we are thrilled to save our taxpayers directly over $27 million dollars.”
RSCCD is not extending the term of the bonds. “We are actually trying to shorten some of the terms to capture additional savings,” said Marvin Martinez, RSCCD Chancellor. “We appreciate that the taxpayers support their colleges through these bonds to allow us the opportunity to offer education and training to everyone in our district. We are honored to be good stewards of their investment.”
About Rancho Santiago Community College District
Santa Ana College and Santiago Canyon College are public community colleges of the Rancho Santiago Community College District, which serves the residents of Anaheim Hills, Orange, Santa Ana, Villa Park, and portions of Anaheim, Costa Mesa, Irvine, Fountain Valley, Garden Grove, and Tustin. Both colleges provide education for academic transfer and careers, courses for personal and professional development, and customized training for business and industry.