STOCKTON – Taxpayers are expected to save between $5 million and $7 million after San Joaquin Delta College 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.”
An aerial view of Delta's Stockton campus.
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 to $7 million. Altogether, the two actions will save taxpayers between $25 million and $27 million.
To learn more about Measure L and the many improvements that have been made to benefit students, as well as the College's effort to be a wise steward of taxpayer dollars, read the Citizens Oversight Committee’s most recent Measure L annual report.
About San Joaquin Delta College: Delta College is a top destination for students in the San Joaquin Valley and Mother Lode wishing to learn a new trade, upgrade their skills, or earn transfer units to four-year colleges and universities. Established in 1963, the College serves over 20,000 students at its campuses in Stockton and Mountain House, as well as online and at satellite facilities across the region. In 2019, Delta was named the No. 1 community college in California and No. 4 in the nation by personal finance website WalletHub. For more information, visit www.deltacollege.edu.