Yavapai College refinances bonds
PRESCOTT – Yavapai College officials announced this week the finalization of refinancing of nearly $5.2 million in general-obligation bonds, resulting in a savings to taxpayers of about $400,000 over seven years.
"This entire transaction was accomplished to save taxpayer dollars," YC President Doreen Dailey said. "The college receives no budget benefit. All savings are directly passed to taxpayers through lower secondary property taxes."
Total savings will be $390,000, or between $53,000 and $56,000 each year. The refinancing included the balance remaining from the 1993 Series general obligation bonds, which was the last of the bonds voters authorized during the 1988 general election. They paid for construction of the performance hall and renovations to Building 3 on the Prescott campus, as well as construction of the Chino Valley Center.
"The bottom line is that Yavapai College took advantage of lower interest rates to save taxpayers money by refinancing these bonds," Dailey said.
This refinance comes on the heels of the college's recent receipt of an A1 rating for its outstanding general obligation bonds. Moody's Investor Services ranked the bonds based on the "stable outlook and the district's prudent financial management."