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Spring 2012 Gavilan College Measure E Report

Spring 2012 Gavilan College Measure E Report

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Published by: Gavilan College on Jul 18, 2012
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02/26/2013

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Local taxpayers to save $2.6 million fromrenance of Measure E Bonds
At their meeting on February 14, 2012 the Gavilan College Board of Trustees voted torenance a portion of outstanding Measure E General Obligation Bonds at much lowerinterest rates, without extending the life of the bonds. The District was able to reduce theinterest rates on Measure E bonds, which will generate a net savings in debt service totaxpayers of $2,592,801 over the life of the Refunding Bonds."We can save the taxpayers’ money by taking advantage of the historically-low interest ratesavailable right now," said President Steve Kinsella, "without extending the life of the bonds,or reducing the amount available for capital improvements funded by Measure E." TheDistrict itself will not realize any part of the savings, which the Board pursued on behalf oflocal taxpayers. Measure E was passed by local voters in March, 2004, authorizing the issuance and sale ofgeneral obligation bonds in the maximum amount of $108 million. The portion to renanceis $25 million -- the outstanding principal amount of the Series A Bonds. Measure E has beenused to provide needed upgrades to the Gavilan College campus infrastructure, technology,instructional space, and acquired property for future development. For information aboutprojects completed with Measure E funds, go tohttp://www.gavilan.edu/bond.
$2.6
million
 
About Measure E
On March 2, 2004, district voters approved Measure E, a facilities improvement bond in the amount of $108 million,to upgrade and expand the facilities for higher education in the Gavilan Joint Community College District. Upgradeshave been made to campus infrastructure, classrooms, instructional technology, and campus safety. Land has beenacquired for future campuses in Coyote Valley and San Benito County.
Letter from the ChairCitizens Oversight Committee
 
Over the past eight years, Gavilan College has experienced a remarkablerenaissance of reconstruction and renewal for the future. Thanks to thepassage in 2004 of $108 million in Proposition 39 Measure E bonds bythe sagacious and generous foresight of the GJCCD voters, a lot has beenaccomplished. Beginning with a commendably inclusive planning processin 2003 and continuing as each building renovation was prioritized,leadership by the Gavilan administration and Board of Trustees hasincluded students, faculty, classied sta, and other community membersin the process which is now drawing to completion. Students and facultynow enjoy the air conditioning, technology, equipment and facilityimprovements in every classroom and laboratory. Excellent new parking,lighting, and infrastructure improvements have prepared Gavilan forthe next half-century of service as "the best little community college inCalifornia."The COC, or Citizens Oversight Committee, for eight years has faithfullyreviewed Quarterly Financial Reports, annual independent audits, andon-going up-dates on Measure E progress. As all reports and auditshave indicated each year, all Measure E funds have been expendedappropriately and legally only for voter-approved Measure E activities,including renovation on the Gilroy campus and land acquisition at theHollister Fairview site and the Coyote Valley site in San Jose for futureGavilan College education centers. The original Measure E prohibitionagainst any use of funds for faculty or administrative salaries has beenscrupulously observed.All interested citizens are invited to attend COC meetings. The nextscheduled meeting is September 10, 2012 in the North Lounge on theGilroy campus. 
John Hansell 
Citizens Oversight Committee
 
John Hansell, Chair
At-Large: 
Gene Sakahara, Irma Rodriguez, Jack Bachofer
Senior Citizens' Organization: 
John Hansell
Business Representative: 
Tim Day
Student Representative: 
Lisa Reeve
District Support Organization: 
Sandy Habr
Taxpayers' Organization: 
VACANTIf you would like to serve on the Citizens’ Oversight Committee,you may obtain an application online at www.gavilan.edu/bondor through the Ofce of the President: 408.848.4711
Completed
 
ü
Tennis court repairs 
ü
Boiler replacement 
ü
Infrastructure replacement
ü
ADA improvements 
ü
Computer replacement 
ü
Enterprise Resource System 
ü
Interim housing 
ü
Cafeteria renovation 
ü
Parking lot expansion / 
resurfacing
 
ü
Renovations of Mathematics,Physical Science, Life Sciences, Art,Music, Humanities, Security andFacilities, and Multipurpose buildings. 
ü
Land purchase - Coyote Valley 
ü
Land purchase -
San Benito County
 
ü
Cosmetology / 
Business renovation
 
ü
Roof repair for Gymnasium,Mathematics, and Physical Sciencesbuildings. 
ü
Campus and building signage 
ü
Social Science building
Pending state matching funds
 
t
Gymnasium renovation 
t
Library / TV Studio renovation
t
New Student Services andAdministration building
Measure E Projects
 
General Obligation BondsMeasure E Financials2010-2011
.
Revenues and Expenditures
 Fiscal Year July 1, 2010 - June 30, 2011Net Assets July 1, 2010 $ 6,006,543ExpensesSupplies, materials and other operatingexpenses and services $ 4,093,616Revenues:Investment income : $ 62,461Proceeds from issuanceof debt: $ 28,000,000Change in Net Assets $ 23,968,845Net Assets July 1, 2011 $ 29,975,388 
Assets and Liabilities
AssetsCash and cash equivalent 30,437,184Receivables, net 31,875Total Assets 30,469,059Net Assets Restricted for capitalprojects 29,975,388LiabilitiesAccounts payable $ 482,193Due to other funds 11,478Total Liabilities 493,671
Total Liabilities & Net Assets
30,469,059
Independent Auditor’s Report
An independent nancial audit isconducted annually. The audit wascompleted by Crowe Horwath of
Sacramento
and a report issued in December, 2011.The audit concluded that "in all signicantrespects, Gavilan Joint Community CollegeDistrict expended Measure E GeneralObligation Bond funds for the year endedJune 30, 2011 only for the spcic projectsdeveloped by the District's Governing Boardand approved by voters, in accordance withthe requirements of Proposition 39, asspeciced by
Section 1(b)(3)C of Article XIII A
 of the California Constitution."In June 2004, the district issued $29,170,000 of General Obligation Bonds 2004Series A and $830,000 General Obligation Bonds 2004 Series B. The bondswere issued to nance the construction and modernization of district facilitiesand to refund certain lease obligations. The bonds mature through August2028 and bear interest at rates ranging from 2.00% to 5.38%. The 2004 SeriesB bonds matured on August 1, 2006. Net bond premium of $140,900 (net ofaccumulated amortization) was capitalized and is amortized over the term ofthe bond.The following is a schedule of future payments for the 2004 Series A GeneralObligation Bonds:
Year Ending June 30Principal InterestTotal2012$ 335,000$ 1,295,457$ 1,630,4572013415,0001,280,8761,695,8762014500,0001,262,5751,762,5752015590,0001,240,7761,830,7762016690,0001,214,3131,904,3132017-20215,195,0005,440,37310,635,3732022-20269,255,0003,588,59712,843,5972027-20298,270,000711,4258,981,425TOTAL$ 25,250,000$ 16,034,392$ 41,284,392
On December 12, 2007, the district issued $50,000,000 of GeneralObligation Bonds 2004 Series C. The bonds were issued to nance theconstruction and modernization of district facilities, the acquisition ofequipment and to pay the costs of issuance associated with the bonds.The bonds mature through August 2032 and bear interest at rates rangingfrom 4.00% to 5.00%. Net bond premium of $75,870 (net of accumulatedamortization) was capitalized and is amortized over the term of the bond.The following is a schedule of the future payments for the 2004 Series CGeneral Obligation Bonds:
Year Ending June 30Principal InterestTotal2012$ 225,000$ 2,282,843$ 2,507,8432013300,0002,273,8442,573,8442014385,0002,261,8442,646,8442015470,0002,246,4442,716,4442016560,0002,227,6442,787,6442017-20214,460,00010,715,02015,175,0202022-20267,985,0009,368,72017,353,7202027-203119,580,0006,920,17626,500,1762032-203314,885,0001,074,68815,959,688TOTAL$ 48,850,000$ 39,371,223$ 88,221,223
On May 12, 2011, the district issued $28,000,000 of General ObligationBonds 2004 Series D. The bonds were issued to nance the constructionand modernization of district facilities, the acquisition of equipment andto pay the costs of issuance associated with the bonds. The bonds maturethrough August 2035 and bear interest at rates ranging from 2.00% to 5.75%.Net bond premium of $953,449 (net of accumulated amortization) werecapitalized and will be amortized over the term of the bond.The following is a schedule of the future payments for the 2004 Series DGeneral Obligation Bonds:
Year Ending June 30Principal InterestTotal2012N/A$ 339,321$ 339,3212013$ 255,0001,546,2751,801,2752014N/A1,541,1751,541,175201510,0001,541,1751,551,175201650,0001,540,8751,590,8752017-2021840,0007,646,6758,486,6752022-20262,095,0007,371,6259,466,6252027-20313,895,0006,668,97510,563,9752032-203620,855,0004,518,58825,373,588TOTAL$ 28,000,000$ 32,714,684$ 60,714,684

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