Gavilan Board of Trustees consider bond refinancing 

This artcle was written by BenitoLink intern Meghan Lee. Lea este artículo en español aquí.

Gavilan College may refinance its general obligation bond issued in 2015. During the Feb. 11 Board of Trustees meeting, the school’s financial advisory team said the move could save taxpayers $3.4 million. 

The team said because the Gavilan Community College District has a strong credit rating, it’s in a good place for refinancing. Underwriter Ivory Li pointed to the improvement in the college’s financial situation since 2020, when the state took over managing the budget after the college’s cash reserves fell below 5%. 

“The credit rating agency S&P noted the district has improved your liquidity and financial position substantially since 2020,” Li said. “Your management team is very experienced and very stable, and your tax base is solid as well.”

Director of Capital Projects, Serafin Fernandez also presented at the meeting and discussed future options for Gavilan’s Hollister campus. The project has around $500,000 to work with in funds raised by Measure X, which voters approved in 2018. 

At the board’s January meeting, Fernandez said he was working with the National Fitness Campaign (NFC) to get grant funding for an outdoor fitness facility at the Hollister campus. 

At the Feb. 11 meeting, Fernandez clarified what the relationship between the college and the NFC would be if the board approved the project. 

“There are several services that are available by the NFC, so it’s just up to the district to decide exactly how they want to tailor their classes there,” Fernandez said. 

Another proposed next project for the Hollister campus is the installation of a chain-link fence around the perimeter of the new building and parking lot. Fernandez said that while the fence would limit public access to the grounds, it could possibly solve some safety concerns. 

Fernandez said that there is now room in the budget for either the fence or the athletic facility. The board deliberated, then asked Fernandez to reconvene the Hollister work group to get feedback on what students and staff would prefer. 

Board President Rachel Perez said, “I think the board is asking for more input from the staff that is there, and looking at any past plans for the Hollister site in terms of what the recommendations were.”

The board also agreed to adopt a $340 nonresident tuition fee with a $30 capital outlay fee bringing the total to $370 per semester. The current nonresident tuition per semester total is $359.

According to Vice President of Administrative Services Marilyn Morikang, Gavilan has 78 nonresident students.

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