College of the Redwoods officials refinanced two bonds totaling roughly $26.8 million, saving property owners within CR's district more than $2.95 million through 2031, the college announced on Friday.
Voters in Humboldt County, Del Norte County, the northwest part of Mendocino County and western portion of Trinity County will see the savings reflected in their 2014andndash;15 property tax bills.
They approved the Measure Q bond - known as Measure B in Del Norte County - in November 2004.
The bond funded several local projects including $4 million that helped pay for an upgrade to the main building at the Del Norte Education Center, according to college spokesman Paul DeMark.
"Most of that was in modernizing the main building and art facilities there."
The Measure Q bond paid for a seismic retrofit at the Del Norte Education Center, stabilizing some of the walls in the main building as well as the campus's disability resource center, said director Anita Janis. Bond funding also paid for a suite of counseling and advising offices.
"If you have a student interested in enrolling you can walk them next door to financial aid," Janis said. "That person can meet with them and talk with them. It's like a one-stop shop."
Janis said when she became dean at the Del Norte campus in 2009, the project expanded to include an upgrade to the ventilation system and lighting in the science lab.
During a rare visit to Del Norte earlier this month, College of the Redwoods toured the science lab, which is slated to be modernized using approximately $500,000 in bond money. The lab will also include a cadaver lab for the school's nursing program.
Other pending bond-funded projects in Del Norte include $24,000 for the purchase or lease of a portable classroom.
CR officials in March decided to refinance $13.3 million in general obligation bonds issued in 2005 and $13.5 million in general obligation bonds issued in 2007, according to a college press release. The original Series 2005 bond and Series 2007 bond carried an all-in interest cost of 4.7 percent and 5 percent respectively. The new refinanced bonds carry an all-in interest cost of 3.49 percent.
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