First set of Measure F bonds approved
The Lake Tahoe Community College (LTCC) Board of Trustees stamped its approval for the district to begin selling $19.5 million in bond funds for capital improvements on the campus.
The bonds are the first in a series of up to $55 million the college is allowed to issue under Measure F, which voters approved in November 2014.
LTCC Vice President Jeff DeFranco said interest rates would be good, especially since Moody’s Investors Service gave the district an A1 rating on its bonds and Standard and Poor’s provided an AA- rating.
Higher grades mean lower interest rates.
LTCC President Kindred Murillo called it a historic moment for the college.
“This is the first time we have approved a bond for this much for Lake Tahoe Community College,” Murillo said.
She credited her administration staff for securing and preparing the groundwork for preparing the first round of bonds, and acknowledged the voters’ approval for passing Measure F.
Board president Kerry David noted the rating would save the district potentially hundreds of thousands of dollars in interest.
Much of the first stage of capital improvements will include rehabilitation of facilities, such as maintenance and renovation of the student services front counter, counseling offices, gymnasium improvements and replacement of the main building boiler.
A portion of the bonds may be used to leverage matching funds to garner more public funding.
Approximately $1.3 million will be set aside to completely pay off the remaining balance of the bond that paid for the construction of the college district’s library building.
Also approved was a $1.06 million contract to DM Construction, Inc., based out of Verdi, Nev. for the installation of the main boiler. The current boilers have been in place since the facility was constructed 26 years ago.
The board also approved an addendum to its master plan to retain AP Architects for architectural and engineering planning services related to the bond planning and development. The one-year contract won’t exceed $80,000.
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