The District Governing Board has voted unanimously to accept a refinance plan of $28.6 million in outstanding college bonds, which is expected to be a cost savings of nearly $1.37 million over the next 7.3 years for Yuma and La Paz county taxpayers.
The refinancing was for bonds within the original $73 million in bonds issued for construction projects in 2005 and 2006. The bonds paid for building projects on AWC's main campus in Yuma as well as for the college's learning centers in Parker, San Luis and Wellton.
"The market conditions make this a favorable move for taxpayers," said Carole Coleman, AWC Vice President of Finance and Administrative Services. "Our goal was to achieve a 3 percent net present value savings, and we exceeded it at 4.8 percent net present value savings."
Coleman said that she brought the refinancing plan before the Board as a way to lower the burden on local taxpayers.
"This is a great partnership with taxpayers," said AWC President Glenn Mayle. "We are grateful for the trust the public places in us and the resources they make available to us. This is one thing we can do to maximize efficiency and return some tax dollars."
AWC President Glenn Mayle (center) with members of the District Governing Board (l-r) - Maria Chavoya, Board President Dennis Booth, JoAnne Ehasz, Board Secretary Olivia Zepeda and Melissa wright - signing the official refinance documents in Parker in May. Courtesy of AWC Photo Services