To upgrade college facilities that prepare local students for jobs and university transfer by modernizing academic and job-training classrooms, science labs, and facilities, expanding access to university courses, creating a Public Safety Training Center, modernizing technology, improving safety and energy efficiency, and improving facilities, sites and equipment, shall Lake Tahoe Community College District issue $55,000,000 in bonds, at legal rates, with independent oversight, annual audits, no money for administrators’ salaries, and all funds dedicated to Lake Tahoe Community College.
In May 2013, LTCC leadership proposed a plan of action for ensuring the fiscal stability of the college. This proposal included containing costs, enrollment management, new programs and services, and a general obligation bond (GOB).
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
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 and on BoardDocs.
Bond Rating Reports
February 2018: After receiving high marks for a second time from both Standard & Poor’s Financial Services and Moody’s Investor Service in their bond ratings reports, LTCC is ready to issue its second set of bonds for sale with the Measure F general obligation bond.
S&P raised the college’s long-term rating from “AA-“ in 2015 to “AA,” an upgrade that reflects LTCC’s track record of consistent financial practices, strong available fund balances, excellent projection modeling, and sound fiscal management. The rating agency also noted South Lake Tahoe’s extremely strong property values, reflecting the significant amount of revenue stemming from property taxes on second homes in the area. Other factors that led to the improved rating included LTCC’s strong available reserves thanks to the LTCC Board of Trustees’ policy of maintaining at least 10% of general funds in a reserve account.
Moody’s reconfirmed LTCC’s A1 rating and improved its outlook from stable to positive based on LTCC’s sizable and primarily residential tax base, which is growing. In addition, Moody’s mentioned LTCC’s strong and consistent management team, its low Other Post-Employment Benefits (OPEB), and moderate pension burdens as factors in their A1/positive rating.
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.
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.