More than two thirds of $350M approved by voters sold to fund campus improvements
Rocklin, Calif- Sierra College, the District, announced that on June 8, 2023, the District sold $63 million of the $350 million Measure E General Obligation Bonds approved by registered voters in 2018. To date, the District has issued $240 million of the Measure E Bonds and has $110 million in authorization remaining for future construction projects at the Rocklin Campus. This is the third of five planned sales of Measure E General Obligation Bonds.
The Bonds were sold at a true interest cost of 3.90%, which was below the pre-pricing estimate of 3.95%. The District leveraged its exclusive "AAA" credit rating by Moody's Investors Service to generate orders from thirty-seven bond accounts consisting of bond investors and money managers such as PIMCO, American Century, Merrill Lynch, and Blackrock. At the close of the order period, the District received a total of $277 million in orders for $63 million bonds. Strong demand for the District's Bonds enabled the District to save approximately $620,000 in interest costs compared to the pre-sale pricing estimate.
"The success of the most recent bond sale is a testament to the diligent work being done by the Sierra College administration, staff, and Citizens' Bond Oversight Committee," said Paul Bancroft, Sierra College Board of Trustees President. "Through planning and execution, the District has achieved a credit rating on par with the United States government, creating significant cost savings."
Highlights
Measure E Funds have been used to improve the Rocklin campus, with completed projects including campus-wide infrastructure improvements, campus center renovations, a new parking facility, and a near-complete 77,000 square foot instructional building scheduled to open this fall. Additional upcoming Measure E-funded projects include a new 65,000 square foot science building, and modernization of the Applied Technology Center to create a vocational technology learning hub on the Rocklin campus.
About Measure E
The majority of Sierra College's Rocklin campus facilities and infrastructure was constructed in the 1960s. Although the college has done an excellent job of maintaining these facilities, many of our buildings and infrastructure systems are now well beyond their useful life and in need of major renovation or replacement. In 2017, the college updated its Facilities Master Plan, establishing a long-term vision for the Rocklin campus and, in June 2018, the community approved Measure E to fund the implementation of the first phase of this Master Plan.