Mt. SAC Plan to Restructure Bonds Could Save Taxpayers $2.6 Million Officials Say

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• Mt. San Antonio College officials recently announced a plan to sell $150 million in new Measure RR bond funds in July and restructure existing bonds to capitalize on low interest rates to save taxpayers money.
  President Bill Scroggins wrote in a report to the Board of Trustees that campus officials and consultants presented the plan to Moody’s and to Standard & Poor’s to qualify Mt. SAC to the highest possible bond ratings
• “Better bond ratings mean lower interest rates for taxpayers whose annual property taxes pay the bond assessments,” Scroggins said in the report.
  The restructuring plan is expected to save taxpayers an estimated $2.6 million, he said. 
  The new bonds, totaling $150 million, will be sold on July 24.
   The new bonds of $150 M will be sold on July 24th. 
  “This bond sale is possible because of the recent increase in assessed value of property within the District boundaries,” Scroggins wrote in the report, adding that Mt. SAC’s gain is a little bit less than the 4.23 percent assessed value for Los Angeles County as a whole.
  Measure RR is a $353 million bond voters in the district approved to help fund facilities and other projects at Mt. SAC. The district includes the communities of Walnut, Diamond Bar, Rowland Heights, Covina, West Covina, Azusa, Baldwin Park, Pomona, La Verne, La Puente, Basset, Charter Oak, Glendora, Hacienda Heights, City of Industry, Irwindale, San Dimas, and Valinda. 
  Mt. SAC plans to use new money from Series A bond proceeds to do the following projects, according to the bond report:
  
  • Business and Computer Technology Center - The Business and Computer Technology Center will provide for construction of a new 87,000 square-foot center to consolidate business administration, accounting, management, computer information systems, office technology, and family and consumer sciences instructional programs.
• Athletics Complex East - The second phase of the athletics complex completes the relocation and consolidation of the majority of the athletics programs to the south side of the campus, allowing for growth of other educational programs closer to the center of campus. Replacement of the old gymnasium, which was constructed in the 1940’s, will provide a fully accessible facility with improved spectator seating and facilities for the broadcast of athletic competitions.

• Parking Structure - Current traffic studies indicate that Mt. SAC ill require an additional 1,400 to 1,800 parking spaces by 2014 to accommodate expected growth. A new parking structure will address this need and will allow the college to continue to grow to serve students in the area.

• Food Services - The Food Services project will provide a replacement facility for one of the Colleges oldest buildings. The all new 17,000 square foot facility will provide for up to five separate food offerings, similar to a food court, and seating for nearly 300 students, faculty and staff. The project budget is just over $11 million, including $3 Million from outside sources. The facility is expected to open in the Fall of 2015.

• Student Support Services - The Student Support Services facility will provide approximately 19,000 square foot of additional space for the Student Services team. The three-story building will include specialized laboratories and classrooms for students enrolled in specialized Disabled Students Programs, space for the growing

• Veterans’ programs, a secondary student health center, and flexible program space for the many specialized student services programs on campus. The $ 11 Million budget will be funded exclusively from Measure RR.