Alvin Community College recently posted its final payment to pay off the 2005 bond.  

The $19.9 million bond was approved by voters in 2005 to construct the Science-Health Science Building on campus. Construction on the facility was completed in 2007.

“ACC has long been a great steward of taxpayer funds,” Board of Regents Chair ‘Bel Sanchez said. “Throughout the history of this bond we have exercised fiscal responsibility, saving taxpayers money while providing a valuable facility for our students. The Science – Health Science Building has been an important asset in educating our students in the high-demand STEM and medical fields.”

The two-story, 98,790-square-foot Science Building includes four teaching theaters, an ambulance bay, simulation labs, an observatory, modern skills and science labs and numerous lecture classrooms. The added space, up-to-date equipment and simulated hospital environment has created opportunities for new, in-demand programs while expanding on existing programs.

In 2012, regents opted to take advantage of historically-low interest rates and approved a refinancing package for the bond. Refinancing saved taxpayers approximately $81,000 a year on bond payments and in total saved nearly $1 million.

In 2017, the college’s bond rating was upgraded to AA by financial information services firm Fitch Ratings. The firm reported a strong financial outlook for ACC’s future. The upgraded rating helped to provide improved interest rates for the college. In 2021, it was refinanced again to save an additional two percent on the bond payments.

With the final payment, the debt portion of the college tax rate was .7 cents per $100 of property value which is five times lower than the 3.5 cents that was projected in 2005.

In addition to Science courses, the building houses programs such as Associate Degree Nursing, Vocational Nursing, EMT, Polysomnography, Diagnostic Cardiovascular Sonography, Respiratory Care, Neurodiagnostic Technology among others.

To learn more about the healthcare and STEM programs available at ACC, visit www.alvincollege.edu/pathways.
 

ACC Board of Regent members shred the document for the final payment on the 2005 bond issue during a ceremony on February 20.