FOR IMMEDIATE RELEASE
Media Contact: Alexandra Céspedes Kent, (510) 413-8445, alexandra@volersa.com
City College of San Francisco to Deliver $6.4 Million in Savings to Local Taxpayers
San Francisco, California (March 12, 2025) – City College of San Francisco (CCSF) is proud to announce it will deliver savings to local taxpayers from the refinancing of a portion of CCSF’s outstanding general obligation bonds, which had been issued in 2015.
CCSF chose to take advantage of the recent decrease in interest rates and refinance a portion of its remaining 2015 bonds without extending these bonds’ term. CCSF reduced its interest rate from 4.8% to 2.8%, reducing the community’s tax bill by a total of $6,363,290 over the next six years.
"The College is grateful to the taxpayers of the city and county of San Francisco for their continued support of City College and their generosity in approving bonds that allow us to create world-class teaching and learning spaces for students,” said Anita Martinez, President of the CCSF Board of Trustees.
Interim CCSF Chancellor Mitchell Bailey shared: “This refunding opportunity aligns with the College’s commitment to efficiency, accountability and transparency in our financial responsibilities. We are dedicated to accomplishing our mission while providing smart fiscal oversight, and we are proud to have the opportunity to refund these savings to the taxpayers of San Francisco.”
While CCSF itself will not receive any part of the savings, the CCSF Board and administration pursued this opportunity strictly on behalf of local taxpayers.
About CCSF: Bringing higher education opportunities since 1935, and now celebrating its 90th anniversary, City College of San Francisco is an urban community college serving nearly 40,000 students annually at six locations throughout San Francisco. The College offers an affordable opportunity to earn associate degrees, prepare for transfer, pursue career and technical education, and personal development and enrichment. Visit: https://www.ccsf.edu
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