CHULA VISTA, California – The Southwestern College Governing Board unanimously voted at its June 14 meeting to refinance a portion of Proposition R bonds to give taxpayers a potential savings of approximately $13.4 million. The decision to refinance these bonds comes at a time when interest rates are at an historic 50-year low. Currently, the average interest rate for the bonds is 4.84 percent and refinancing will lower it to 3.11 percent. While refinancing the bond gives taxpayers a significant savings, it does not extend the length of the repayment, which is currently scheduled until 2039.
“As we move forward with Proposition R, we’re always making sure the community and the taxpayers are receiving the best deal possible,” said Superintendent/President Dr. Melinda Nish.
Governing Board President Nora E. Vargas agreed. “Fiscal responsibility is a top priority for us at Southwestern College,” Vargas said. “Proposition R will not only enable remarkable growth for the Southwestern College community, it also brings significant savings to taxpayers. Refinancing Prop. R bonds will allow Southwestern College to expand vital resources for students and the community.”
About Southwestern College
Established in 1961, Southwestern College is the only public institution of higher education in southern San Diego County, serving approximately 400,000 residents of communities including Bonita, Chula Vista, Imperial Beach, National City, Nestor, Otay Mesa, Palm City, San Ysidro, Sunnyside and Coronado. The College District offers more than 300 associate degree and certificate options. More information at swccd.edu.
About Proposition R
Proposition R is the $389 million general obligation bond passed by South County voters in 2008. Over the next two decades, funds will be used to construct new buildings for math, science and engineering, the fine arts, athletics, business and a new student union. A new performing arts and wellness center are planned for the long-anticipated development on the northeast corner of the campus. Plans also include new construction to expand the Higher Education Centers in National City and San Ysidro.
Southwestern College Office of Communications, Community and Government Relations (619) 482-6304