West Hills District takes advantage of lower interest rates to refund bonds

From West Hills College
West Hills District takes advantage of lower interest rates to refund bonds

West Hills Community College District recently closed the sale of refunding bonds that will save local taxpayers nearly $2.8 million. Dale Scott & Company served as the financial advisor to help the district refund the bonds and take advantage of lower interest rates without lengthening the payback period.

The local community college district refunded $14,275,000 of general obligation bonds. By reducing the average interest rate more than a third, from 6.22 percent to 3.97 percent, the refunding will save local taxpayers $2,786,226. The bond measures, which were approved by voters in 2008, have provided financing for construction and facilities improvement projects at West Hills College Lemoore and West Hills College Coalinga.

“We remain vigilant in looking for ways to save taxpayer dollars as we provide high-quality educational opportunities to the people of Fresno and Kings counties,” said Dr. Frank Gornick, chancellor of WHCCD. “Voters stepped up to support these bond measures, and it is only right that we return the favor by maintaining our strong fiscal condition.”

West Hills District takes advantage of lower interest rates to refund bonds

The District refunded $13.8 million of bonds in 2012 and 2015, saving taxpayers $2,053,079. Combined with the new round, savings total more than $4.8 million in the last four years.

“West Hills Community College District has built a solid reputation for prudent fiscal management,” said Ken Stoppenbrink, deputy chancellor of WHCCD. “Interest rates have started to rise from historically low levels, but the district pounced on this opportunity to save taxpayers money for years to come.”

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