NORTHERN CALIFORNIA – Yuba Community College District has completed the refinancing of bonds that will save taxpayers in the district more than $13.5 million.

Dale Scott & Co. served as the financial advisor to help the district refinance the bonds and take advantage of lower interest rates.

YCCD refinanced $27,051,506 of Measure J general obligation bonds (series A and C) approved by district voters in 2006, saving local taxpayers $13,547,215.

YCCD slashed the interest rate of the new bonds to 3.88 percent from an average of 5.23 percent.

“We work every day to carefully and methodically steward resources to meet the diverse needs of our students and the communities we serve,” said Dr. Douglas Houston, Chancellor of the Yuba Community College District. “As we foster a world-class learning environment, we will continue to ensure every taxpayer dollar is invested wisely – in our future.”

YCCD has saved local taxpayers approximately $100 million over the last two years.

The district refinanced general obligation bonds in July 2015, saving taxpayers $14.2 million, and in June 2016, saving taxpayers $72.3 million.

“It is with a great sense of pride and accomplishment that the YCCD Board has taken the actions of refinancing bonds in order to save its taxpayers millions,” said Michael Pasquale, president of the Yuba Community College Board of Trustees. “Our stewardship and fiduciary responsibility of assets of the communities we serve is at the forefront of our decision making process when governing the district.”

“Yuba Community College District has shown time and again that it will take advantage of lower interest rates to return savings to local taxpayers,” said Dale Scott, president of Dale Scott & Co. “This is truly a win-win for the district and its taxpayers.”
Moody’s Investor’s Service has assigned a rating of Aa2 to the YCCD general obligation bonds. This strong rating reflects the expansion of the district’s underlying tax base and an expectation of continuing improvement in its financial position.