News

OREGON CITY – Clackamas Community College successfully sold its $120 million in general obligation bonds on April 1, a major milestone for the college’s voter-approved bond measure 3-613. The sale was met with overwhelming demand from investors, allowing the college to secure favorable interest rates and receive approximately $11 million in premium proceeds — $10 million of which will be used to help offset potential construction cost escalations.

According to the bond underwriters, Piper Sandler & Co., the successful bond sale reflects the market’s strong confidence in Clackamas Community College and its commitment to responsible financial management.

“We’re proud to be able to deliver more for our community while also saving taxpayer dollars,” Jeff Shaffer, CCC Vice President of Finance and Operations, said.

The college’s strong financial position was bolstered by an Aa1 credit rating from Moody’s Investors Service, issued last month. This high rating — equal to the State of Oregon’s — played a significant role in the favorable market response. In its rating summary, Moody’s highlighted the college’s prudent fiscal management, healthy reserves, and strong and growing tax base.

In addition to the new bond issuance, CCC also refinanced the remaining portion of its 2015 general obligation bonds. This strategic move will result in a net present value savings of more than $1.5 million for local taxpayers.

Funds from the bond measure will be used to modernize and expand facilities across CCC’s campuses, enhance safety and security, and improve access to career-technical education and transfer programs.

For more information about the college’s bond projects and timelines, visit www.clackamas.edu/2024bond.