SWC Refinances Old Bonds, Approves $110 Million in New Bonds
By Sandra G. Leon
Southwestern College is taking advantage of historically low interest rates and will refinance existing bonds as well as issuing more debt to continue its facilities improvement plans.
SWC Governing Board President Nora E. Vargas
The college board approved refinancing $55 million in existing bonds that were issued in 2008 under the voter-approved Proposition R. The refinancing is expected to save taxpayers over $10 million during the life of those bonds, and the move did not extend the bonds’ maturity dates.
“Now more than ever, we are looking for ways to protect the financial health of our community,” Nora E. Vargas, SWC Governing Board President said. “Fiduciary responsibility is our primary role as a Governing Board, and we will always work to protect taxpayers’ pocketbooks while helping our college community thrive,” Vargas added.