General Obligation Bonds and Debt Service Schedules
CGCC Explanatory Statement
Columbia Gorge Community College (CGCC) is the only local provider of college transfers, adult basic education and advanced placement for high school students. Since 1977 Columbia Gorge Community College has provided pathways to better jobs and higher education for thousands of Gorge residents.
In November, 2004 CGCC went before voters to approve a general obligation bond.
The issued bond financed $8.2 million to Wasco County portion of the college district to support a new building for wind and solar energy industry job training, and another $2.2 million in the Hood River portion of the district was used to finance the Indian Creek campus expansion.
In March 2012, the college executed a general obligation bond refunding sale agreement to save borrowing costs through lower interest rates.
CGCC maintains Debt Service Funds to account for property tax revenues and other financing sources to pay for the maturing principal and interst of its bond obligations. The debt service and continuing disclosure are part of the budget process to report to taxpayers that CGCC has sufficient funds and resources to meet the demainds of it debt service schedules.