The Board of Trustees directed staff to move forward and pursue the components of the plan, called "Investing in Our Future." A major component of the plan is a General Obligation Bond to help provide local investment to support the efforts of the LTCC faculty, staff, management and Board to revitalize the college. The GOB (known as Measure F) will assist the College in covering the costs of maintenance that has been deferred for many years due to budget reductions; renovating and modernizing classrooms, laboratories, and technology; leveraging state capital outlay and scheduled maintenance funding; consolidated and remodel program locations for improved learning environments, and cost efficiencies.
The bond is a Proposition 39 general obligation bond requiring 55% voter approval of all registered voters in the district. It also requires the Board of Trustees to call for the election through a resolution that includes a project list, ballot language, and the size of the bond. The Board completed this work on June 24, 2014. Copies of the Board's resolution, project list, ballot language, the size of the bond, and other important information can be found in the document list on the right menu of this page.
Bond Rating Reports
Both Standard & Poor's and Moody's 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 were sold in July 2015 to the tune of $19.5 million, which represents 35% of the $55 million that voters approved back in November 2014. Morgan Stanley is acting 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.
The college originally budgeted $825,000 of Measure F bond money to pilot a University Center from an existing building on campus. Thanks to Lisa Maloff's generous donation, LTCC will now construct a brand-new, stand-alone University Center, providing access to upper-division level educational opportunities and academic support services made possible through partnerships with other institutions. LTCC is in talks with several regional public colleges and universities to provide baccalaureate and graduate programs at LTCC, ensuring access to these degrees to our local community.