Expects outstanding bond obligations to be paid off in next few years
Yavapai Community College Vice President of Finance and Administrative Services, Clint Ewell, reported to the District Governing Board at its March meeting that the College’s bond indebtedness was quickly moving toward total payoff. He said that bonds issued in 2000 were now completely paid off as of this year and bonds issued in 2012 were close to being completely paid off.
He also reported that the College had saved “about $200,000 over the next four years” by taking advantage of low interest rates and reinvesting.
Bonds were used eight years ago to finance the demolition of one residence hall on the Prescott Campus and to renovate and modernize the remaining two. According to Dr. Ewell, since the renovations, the two residence halls have been paying for themselves. “It has been a really good success story,’ he said.
Bonds were also issued to cover the costs of constructing a chiller plant on the Prescott Campus and the central plant on the Verde Valley Campus.
Finally, the General Obligation Bonds issued in the amount of $69.5 million back in 2000 for major County-wide development are now paid off. As the payoff on the bonds over the years has continued, the secondary property tax that Yavapai County taxpayers pay on bond indebtedness has been significantly reduced.
The report was very good news. Sufficient to cause Board Chair Deb McCasland to suggest that “we have a party.”
You may view Dr. Ewell’s report in the video clip below or you may go to the Community College District Governing Board website where the entire meeting is on video.