Bond Rating Reports Released
Both Standard & Poor's and Moody's have released their bond ratings reports for LTCC's Measure F bond effort. Standard & Poor's gave LTCC an AA- rating, and Moody's issued an A1 rating. These positive ratings reflect the LTCC District's low debt burden, stability, healthy financial profile, and strong financial policies and planning practices.
The first set of bonds will be sold in July to the tune of $19.5 million, which represents 35% of the $55 million that voters approved back in November 2014. Morgan Stanley will act as the underwriter for the bond.
Community Support of Bond Inspires Donation
LTCC's Board of Trustees has officially accepted a very generous donation from longtime Tahoe resident Lisa Maloff, in memory of her husband, Robert Maloff. The donation will be used to construct a University Center that will make four-year and master's degrees a reality on the South Shore. This is the largest single donation ever given to LTCC, rivaling those that have been given to much larger colleges in California and around the country.
LTCC's Measure F bond effort was designed around the concept of taking $55 million in tax-payer dollars and leveraging that into significantly more dollars through private donations and matching state grants. "Success breeds more success. Thanks to Measure F passing, we're now in a position to show donors interested in supporting higher education locally that our college and community are serious about building a premier destination college in South Lake Tahoe," says Dr. Murillo.
Measure F Citizens' Oversight Committee (COC)
With the passage of Measure F in November 2014, the Lake Tahoe Community College (LTCC) District is seeking qualified, interested individuals to serve on an independent Citizens' Oversight Committee (COC). The COC oversees the expenditure of up to $55 million in bond monies, and acts to assure the South Lake Tahoe community that LTCC's Measure F funds are spent in the fashion outlined in the bond resolution. The citizens' committee is a requirement for schools and colleges with bonds governed by California Prop 39.
Interested in being a COC member? Click here for a PDF of the application. Fill it out and either bring it to the President/Superintendent's Office for submittal, or email the filled-out PDF as an attachment to firstname.lastname@example.org. Thank you in advance for your interest!
About Measure F
In May 2013, the Lake Tahoe Community College leadership proposed a plan of action for ensuring the fiscal stability of LTCC. This proposal included containing costs, enrollment management, new programs and services, and a general obligation bond (GOB).