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Friday, Feb 3, 2023
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College District Issues $245M in Bonds

The San Diego Community College District issued $245 million in a second series of general obligation bonds earlier this month to pay for a variety of capital improvement projects at its three campuses.

The bonds, issued in stepped terms from five to 25 years, carry interest rates ranging from 3.2 percent to 4.3 percent, and garnered AA ratings from Standard & Poor’s, and Aa2 from Moody’s Ratings Service.

“The two ratings are just about equivalent and are the highest given to any California community college district,” said Terry Davis, the district’s vice chancellor of business services.

Part of the reason the bonds didn’t receive the highest rating of AAA is the fact that the district receives about half its revenues from the state. Last year, the state’s general obligations were raised to A from BBB by S & P;, Davis said.

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The bonds are part of a total debt package of $685 million approved by local voters in November 2002. The bond proceeds are being used for the construction of buildings, science labs, energy cogeneration plants, parking structures and computer labs, in addition to repairing classrooms and other facilities in the district that encompasses City College, Mesa College and Miramar College.

, Mike Allen

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