With interest rates at historic lows, the College of the Mainland Board of Trustees is asking for voter approval to take on new low interest debt to pay off existing high interest debt. This would save the college an estimated $4.3 million in interest over the life of the existing debt and free up about $1.2 million a year in debt service from its maintenance and operations budget.
This money would be put to good use. The school's academic master plan has identified jobs that will be in demand in the near future and the skills necessary to perform them. Based on this, College of the Mainland is launching new programs to prepare community members for these jobs. The new programs include four associate degrees in engineering, a bachelor's degree in nursing, plus two additional bachelor's degrees that will soon be announced.
The money made available through Proposition A would help launch these programs and would also help mitigate future increases in tuition costs and tax rates.
Please vote "for" College of the Mainland Proposition A when you see it on the ballot.