College Aims to Leverage $350 Million Bond
Rocklin, Calif.- In the June primary election, voters in Placer, El Dorado, and Sacramento counties approved Measure E, the first Sierra Community College bond approved for the Rocklin Campus since 1957-the bond measure that built the campus more than sixty years ago.
“We thank the people in our community for this vote of confidence in our plan to improve the Rocklin Campus,” said Superintendent/President Willy Duncan. “In response to an expanding economy, we can improve our facilities to keep pace with the workforce training and education needs of our communities.”
State matching funds
The College will leverage the $350 million bond by applying for state matching funds. In addition, the college will use money saved from operations and from proceeds from the development of properties owned by the college.
The much-needed investment of capital will renovate and expand the campus over the next 15 years, and cost the average homeowner less than five dollars per month. Among other projects, the plan will renovate existing buildings and construct new facilities including, a much-needed science building, public safety training center, and classroom buildings.
The College Board of Trustees will begin the process soon to appoint a Citizen’s Oversight Committee to review the expenditure of bond revenues-to ensure that funds are used as approved by the voters.
The college has previously shown strong fiscal management of taxpayer funds. In 2004, voters in Nevada and east Placer counties approved bonds to build a campus in Grass Valley and another in Truckee. The college used local contractors where possible and the projects were completed on time and under budget. Moreover, because of the District’s AAA credit rating earned over the years, when interest rates came down, the Trustees were able to refinance those bonds, saving taxpayers $4.8 million over time.