MPC Bond Refinance Saves Taxpayers
January 15, 2013
Monterey Peninsula College is finishing a bond refinancing deal that will save some taxpayers on borrowing that was used for construction and renovation projects.
MPC will reduce the community’s tax bill over the next nine years by taking advantage of low interest rates to refinance 2002 bonds, says Steve Ma, the college's vice president of administrative services. Of the $145 million that was borrowed, about a fifth will be refinanced, resulting in savings of about $600,000 to $900,000 dollars.
Savings will go to property owners living within with the Montrey Peninsula Community College District boundaries.
"It's unfortunate the financial climate, in a larger social context, is tough on most people. But here is a slice of good news and we are happy to share it," says Walter Tribley, MPC's superintendent and president.