MPC refinances one of its bonds, saves money in the long run

Monterey Peninsula Community College District officials have refinanced a portion of its bonds to get lower interest rates. Which means that taxpayers will end up paying less for them in the long run.

The bonds will now carry an interest rate of 2.8 percent, down from 5 percent. The rate will begin in 2017 and will continue until 2034. By refinancing its bonds, college officials say they have saved the community about $30 million since 2005.

“The Measure I Bonds have literally transformed our Monterey campus and allowed the district to serve our communities better by adding centers in Marina and Seaside," College President Walter Tribley said in a statement.

Approved in 2002, Measure I brought $145 million into MPC that was used to renovate old facilities and build new ones. Some of the projects financed were the renovation of the pool, the students services center and the Marina campus.