YUBA CITY, Calif. – Yuba Community College District (YCCD) has completed the refinancing of bonds that will save taxpayers in the District more than $13.5 million. Dale Scott & Company (DS&C) served as the financial advisor to help the district refinance the bonds and take advantage of lower interest rates.
YCCD refinanced $27,051,506 of Measure J general obligation bonds (series A and C) approved by District voters in 2006, saving local taxpayers $13,547,215. YCCD slashed the interest rate of the new bonds to 3.88 percent from an average of 5.23 percent.
“We work every day to carefully and methodically steward resources to meet the diverse needs of our students and the communities we serve,” said Dr. Douglas Houston, Chancellor of the Yuba Community College District. “As we foster a world-class learning environment, we will continue to ensure every taxpayer dollar is invested wisely – in our future.”
YCCD has saved local taxpayers approximately $100 million over the last two years. YCCD refinanced general obligation bonds in July 2015, saving taxpayers $14.2 million, and in June 2016, saving taxpayers $72.3 million.
“It is with a great sense of pride and accomplishment that the YCCD Board has taken the actions of refinancing bonds in order to save its taxpayers millions,” said Michael Pasquale, President of the Yuba Community College Board of Trustees. “Our stewardship and fiduciary responsibility of assets of the communities we serve is at the forefront of our decision making process when governing the District.”
“Yuba Community College District has shown time and again that it will take advantage of lower interest rates to return savings to local taxpayers,” said Dale Scott, president of DS&C. “This is truly a win-win for the district and its taxpayers.”
Moody’s Investor’s Service has assigned a rating of Aa2 to the YCCD general obligation bonds. This strong rating reflects the expansion of the District’s underlying tax base and an expectation of continuing improvement in its financial position.
About Yuba Community College District
YCCD spans eight counties and nearly 4,192 square miles of territory in rural, north-central California. Yuba College and Woodland Community College offer degrees, certificates and transfer curricula at college campuses in Marysville and Woodland, at educational centers in Clearlake and Yuba City, and through outreach operations in Williams and on Beale Air Force Base. The two colleges in Yolo and Yuba counties and the campuses in Clearlake, Colusa and Sutter counties serve 13,000 students across the northern Sacramento Valley. For more information about YCCD, please visit www.yccd.edu.
About Dale Scott & Company:
Dale Scott & Company is a leading independent financial advisory firm that guides California school and community college districts through the bond financing process while protecting local taxpayers. For 30 years, DS&C has served California’s K-12 school and community college districts as a trusted, independent partner. DS&C uses a combination of quantitative analytics and a deep knowledge of capital markets to provide schools with a broad array of innovative products and services, many of which have become the standard for the state’s public finance industry. DS&C President Dale Scott published the second edition of his book, ”WIN WIN: An Insider’s Guide to School Bonds,” to enable elected school and community college district board members, educational and civic administrators, and members of the public to become more active and involved in the school bond process. For more information, visit www.DaleScott.com.