Tax payers in the Santa Barbara Community College District will save $8.7 million through a bond refinancing completed in February 2016.

The Santa Barbara Community College District has refinanced $36.2 million in general obligation bonds associated with Measure V, which is a construction improvement bond measure passed in June 2008.

The district secured an excellent credit rating and low interest rate, thus saving public funds. 

“SBCC is committed to being a responsible steward of the community’s investment and we knew that this was the right time to seek refinancing of the bonds,” said President Dr. Lori Gaskin. “As a result, we have realized significant savings for local taxpayers who overwhelmingly supported our modernization efforts.”

Measure V passed with 70 percent of the vote in June 2008.

“We are grateful to the community for passing Measure V in 2008,” said Gaskin. “Saving our local taxpayers $8.7 million through this refinancing is our way of demonstrating that we are good custodians of the resources entrusted to us by the taxpayers.”

As part of its preparation for refinancing the 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 credit ratings of “Aa1” from Moody’s and “AA+” by Standard and Poor’s.

Santa Barbara City College is an economic engine and institution of choice for higher education.

Gaskin stated, “Santa Barbara City College has been changing the lives of residents of the Central Coast for over a century and we are committed to serving our community for many more. That is why facilities modernization is an investment in our collective future.”

Measure V is the Santa Barbara City College construction improvement bond measure passed on the June 3, 2008 ballot.

The bond measure provides a total of $77.2 million to help the college upgrade its deteriorating infrastructure and improve the campus physical environment. By law, Measure V funds cannot be used for operational expenditures or salaries. 

The majority of Measure V projects are complete. Remaining funds have been allocated to the construction of the new West Campus Classroom and Office Building project, which will allow the College to remove a majority of the temporary classroom buildings on campus.

In addition to the major capital construction projects, several deferred maintenance projects are part of the bond program. For more information on Measure V, visit www.sbcc.edu/measurev/.

— Luz Reyes-Martin is the interim public information officer for Santa Barbara City College.