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Chemeketa saves taxpayers millions in bond financing

By Chemeketa Public Affairs

Chemeketa saves taxpayers millions

For the second time Chemeketa Community College has refinanced general obligation bonds for capital construction and saved property taxpayers millions of dollars. The college paid off $23,905,000 from bonds issued in 2011 with a bond purchased on March 10 at a lower interest rate.

Taxpayers will net a savings of $1.3 million on a present value basis and $2.2 million over the life of the loan.

Just last May, Chemeketa refinanced its original debt from 2008 to save taxpayers $2.3 million.

The college informed its Board of Education of the most recent refinancing at its Wednesday, March 18 meeting. The Board had authorized such a transaction at its January 21 meeting.

A majority of voters in Marion, Polk and Yamhill County supported assuming a property tax liability totaling $92 million when they approved a 2008 bond levy authorizing Chemeketa to construct ¬†–

  • The new applied technology building opening in fall of 2015 on the Salem campus
  • The new welding building on the Salem campusThe addition to ¬†Building 8 that houses our health science classroom complex on the Salem campus
  • The remodel to Building 4 to improve our electronics and visual communication programs on the Salem campus
  • The new life safety building at Chemeketa Brooks
  • The new building at the Chemeketa Yamhill Valley campus

 

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