Of the $770 million targeted bonds, $228 million in par amount were tendered (a 30% participation rate), ultimately $208 million of bonds were accepted resulting in $31 million in taxpayer cashflow savings and $22.3 million in present value savings. One-hundred and sixty-eight million in new refunding bonds were issued. The refunding bonds generated strong investor participation which demonstrates the interest shown by the investors in the district.
“Since voters overwhelmingly approved Propositions S and N in 2002 and 2006 with the subsequent sale of $1.55 billion in original bonds, the district to date has issued six refunding series of bonds resulting in a total taxpayer savings of $339.1 million, underscoring our continued commitment to fiscal responsibility,” said Chancellor Gregory Smith.
The most recent refunding in December of 2021 saved the district taxpayers $38.1 million in cashflow savings through the sale of $532.2 million in refunding bonds.
The February 2024 refunding was in tandem with Standard & Poor’s maintaining confirming the district’s AAA bond rating, the highest possible level. The AAA is a measure of the credit worthiness of a government institution assessed on factors ranging from the financial strength of an organization’s balance sheet to its debt and cash position.
Proposition S, a voter-approved $685 million bond passed in 2002, and Proposition N, a voter-approved $870 million bond passed in 2006, have transformed City, Mesa and Miramar colleges and the adult-serving, noncredit San Diego College of Continuing Education under the watchful eye of an independent bond oversight committee. At the conclusion of the bond program, which is now winding down just as enrollment is growing, district campuses will have been enriched by the construction of 36 new academic and career training facilities, 20 major renovations, additional parking and extensive public safety and accessibility enhancements, all of which have enriched the lives of students and the greater San Diego community.
All new construction projects and major renovations are designed to obtain the highest possible certifications from the United States Green Building Council’s Leadership in Energy and Environmental Design (LEED) program, saving the district and taxpayers millions of dollars in water and energy costs.