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Delta College seeks bond oversight committee members

STOCKTON -- �Ӱ���Ƶ is searching for members of the public to serve on a committee that provides oversight for the College’s taxpayer-funded Measure L bond. The Citizens’ Oversight Committee is key to ensuring that the $250 million bond, approved by voters in 2004, is being spent properly. Applications are open until April 1 or until committee vacancies are filled. Candidates are invited to apply in the following categories: One member of a taxpayers’ organization. One senior citizen who is active in a seniors’ organization; One person who is active in a support organization for Delta College; and One member of the community at large. Members must reside within Delta College’s district, which includes most of San Joaquin County and portions of Calaveras, Sacramento, Solano, and Alameda counties. Committee meetings are held on one Thursday evening during February, May, August, and November. Measure L has been critical as Delta builds new facilities while also upgrading older buildings on the College’s main Stockton campus. The Committee’s role is to review and report on the proper expenditure of bond money. The Committee also ensures that bond money is spent only on the construction, reconstruction, rehabilitation, or replacement of school facilities...

Taxpayers to save $3.5 million after bond refinanced

STOCKTON — Delta College's latest Measure L bond refinancing initiative, finalized this week, will lower property taxes and save the community approximately $3.5 million in future debt payments. The $69 million refinancing addressed portions of the District’s Series 2015A GO Bonds. No new money was generated as the bonds were sold solely to benefit taxpayers. Approved in 2004, the Measure L bond was 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, the DeRicco Student Services Building, the renovated Goleman Library, and many others. The refinancing, approved by Delta College trustees in March, is the latest in a series of efforts to save taxpayers money. 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. "We remain deeply grateful to voters for their generosity in approving Measure L, and we want to do everything we can to be good stewards of their resources. That's why we're so pleased to have completed this refinancing which will result in millions of dollars in savings for our taxpayers," said Delta...

Another round of savings for Measure L taxpayers

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...

Taxpayers to save millions after Delta refinances bond

STOCKTON – Taxpayers are expected to save between $5 million and $7 million after �Ӱ���Ƶ refinances its voter-approved Measure L bond this spring. Delta trustees voted unanimously earlier this month to move forward with the refinancing. The decision comes on the heels of a separate action in 2018 that saved taxpayers an additional $20 million. Approved in 2004, Measure L has allowed Delta College to build a state-of-the-art science and math building, establish the first phase of South Campus at Mountain House, and substantially renovate the Goleman Library, among many other projects. “We are forever grateful to voters for approving Measure L, and we are thrilled to refinance and save taxpayers millions of dollars,” said Delta College Superintendent/President Dr. Omid Pourzanjani. “The public’s support for the bond is also a show of support for our students, who work so hard to improve their lives and better the community.” In 2018, the College approved a plan to pay off the final installment of bond money in 10 years rather than 25 years, saving taxpayers $20 million in interest over the long term. The recent refinancing will take advantage of low interest rates to save an additional $5 million...

Measure L bond savings exceed $20 million

STOCKTON — �Ӱ���Ƶ will save taxpayers more than $20 million by paying off the college’s last installment of Measure L bond money over a shorter period of time. The agreement, finalized earlier this year, means property owners will pay a little more now but will save a lot more later. The arrangement is roughly comparable to a homeowner who decides to pay off a 30-year mortgage in 10 years, saving a substantial amount of interest as a result. In Delta’s case, the final installment of bond money will be paid off in 10 years instead of 25 years, saving about $20.3 million in interest. “We are extremely pleased that our recent Measure L bond sale has resulted in significant savings to our taxpayers, and, on behalf of the students of the district, we remain grateful to the voters for supporting Measure L,” said Delta College Superintendent/President Kathy Hart. Meanwhile, Delta’s credit rating has been upgraded from an A-plus to an AA-minus, signifying the college has a “very strong” ability to meet its financial commitments. Approved by property owners in 2004, the Measure L bond is the first major investment in Delta’s facilities since the Stockton campus was...