Friday, March 7, 2014

Hartnell provides report on Measure H bonds

If you want to get a rundown on how Hartnell's been spending bond funds, administrators have just posted the 2012-13 annual report on their website.

You can find it here. It even has a cool rendition of what the science building will look like.

Residents of the Hartnell Community College District voted in 2002 to pass Measure H, a $131 million general obligation bond measure. The purpose of the bond measure was to address education facilities needs within the Hartnell. Over the life of the bond measure, the district has built many new buildings and has renovated and modernized many others, including the Alisal Campus and the King City Education center. 

The final facility to be built with Measure H funds is the 56,000 sq. ft. science building. Construction on this project is scheduled to begin soon.

Incidentally, Hartnell administrators recently re-financed a portion of the bonds that carried an average interest of 5.3 percent to an average of 3.32 percent, reducing the community’s tax bill by $2,280,289 over the next 16 years.

No calculations were available as to how much that translates per home.

The refinance was not of Series D bonds, which are capital appreciation bonds that carry a higher repayment ratio and are usually more expensive. The earliest Hartnell will be able to refinance those bonds will be in 2017-19, President Willard Lewallen said.

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