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9:31 AM Sun, Oct. 21st

Yavapai College Board approves bond payoff, says move saves taxpayers millions

Retired area resident Kirk Storms addresses the Yavapai College District Governing Board meeting May 8, 2018, in Prescott. The board approved a payoff of the general obligation bonds owed by the college on Tuesday, Oct. 9, 2018. (Courier file photo)

Retired area resident Kirk Storms addresses the Yavapai College District Governing Board meeting May 8, 2018, in Prescott. The board approved a payoff of the general obligation bonds owed by the college on Tuesday, Oct. 9, 2018. (Courier file photo)

The Yavapai College District Governing Board approved the payoff of general obligation bonds owed by the college, which is says will result in a significant amount of savings for Yavapai County taxpayers.

The board voted unanimously in approval of the bond payoff at its meeting Tuesday, Oct. 9, at the school’s Verde Valley campus.

The payoff is possible because of a finalized sale of YC’s Prescott Valley condominium to the town of Prescott Valley. In anticipation of the sale, the college

also has expanded its Center at Panther Path.

“Over the past few years, the college board agreed to consolidate our Prescott Valley facilities at our Panther Path center, adjacent to the high school,” said District Governing Board Chairman Ray Sigafoos. “We believe a larger consolidated facility at this location will create more opportunities for high school students as well as the rest of the community.”

Those sale proceeds can now be used to pay down general obligation bonds debt.

“This will allow the college to reduce property taxes beginning next year, to pay off the general obligation bonds two years early, and to save taxpayers $4.8 million, which is a significant amount of money,“ Sigafoos said.

Information provided by Yavapai College