Learn about the bond
What is the bond?
An education bond is a voter-passed bond measure that funds projects to improve public education infrastructure, such as building or renovating schools, purchasing technology, or supporting other educational improvements.
2022 Education Bond
In 2022, a $450 million bond measure was approved by voters to invest in the future of PCC, support better, more equitable access to education, and enhance workforce training programs. These projects are crucial to advancing PCC’s mission to advance economic development and promote sustainability in a collaborative culture of diversity, equity, and inclusion.
What does the bond measure do?
The investment of the 2022 bond will re-imagine the campus environment and focus on modernizing infrastructure, enhancing campus facilities, and better serving the needs of the growing PCC community. Bond-funded projects support students regardless of their zip code, background, or family circumstances. With the support of bond funding, PCC can make district-wide improvements like updating equipment and technology, fortifying safety and security measures that improve accessibility access across PCC facilities, and transforming learning spaces for new modalities. Read more about our upcoming 2022 bond-funded work.
What does the bond cost?
The 2022 bond measure maintained the local homeowner tax rate, staying at $0.38 per $1,000 dollars of assessed home value. The taxpayer cost is $95 per year or $7.92 per month for property with an assessed value of $250,000. Assessed value is generally lower than market value. The bond will mature in approximately 16 years.
Use and restrictions of bond funds
The IRS and the state of Oregon restrict the use of tax-exempt bond proceeds. Funds must result in a capital asset (useful life over one year). Bond funds cannot be used for software unless the college owns the product, per Oregon statutes and the state constitution. This does not apply to incidental use (e.g., operating systems and software. “Ordinary” repair and maintenance cannot be financed by bond funds. Funds cannot be used for salaries and operating expenses other than those required to manage the bond program. Expenditures must comply with ballot measure language.