STOCKTON -- Taxpayers are expected to save between $3 million and $4 million after the Delta College Board of Trustees this week approved refinancing portions of the voter-approved Measure L bond.
It's the latest in a series of moves to ensure that the public's money is being spent as efficiently as possible.
In 2018, the College announced that it would save taxpayers about $20 million by paying off the last installment of Measure L money over a shorter period of time. A separate refinancing in 2020 was expected to save taxpayers an additional $5 million to $7 million.
"The Board's latest action this week will lower the interest rate on our bond payments and save millions more," said Delta College Superintendent/President Dr. Omid Pourzanjani. "We remain deeply grateful to voters for their generosity in approving Measure L. A vote for this bond was also a vote for our students, and when they succeed, our entire community succeeds."
Approved in 2004, the Measure L bond is the first major investment in Delta’s facilities since the Stockton campus was established in the early 1970s. Major completed projects include the signature Science and Math Building on the northeast corner of campus, the DeRicco Student Services Building, the renovated Goleman Library, and many others.
Taxpayers across the College's service area have funded the bond, including residents in San Joaquin County and parts of Alameda, Calaveras, Sacramento, and Solano counties.