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Spreading the cost over 20 years means growth pays for itself

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The question came up the other day: Why is ours a 20-year bond measure?

There are a few logical, financial and legal reasons bonds are paid back over a 20- or 30-year cycle. But there’s also a fairness issue.

Spreading it over 20 years means growth pays for itself.

Put another way: If existing homeowners had to foot the entire bill for the bond measure, they then would be able to take advantage of PCC classrooms and programs, get a degree, earn a certificate, get relicensed – whatever. Fair enough. But people moving into the district also would get to take advantage of all that, but wouldn’t pay any of the bond cost.

By extending the bond over 20 years, existing homeowners pick up a share and future homeowners do as well.

And remember, the district is expected to grow by something like 370,000 people by the year 2020. Plus, every taxpayer who moves in means the cost of the bond shrinks for each individual taxpayer. If voters say “yes,” the price tag for the bond measure would be a maximum of 32.9 cents per $1,000 assessed value (for the average home in the district) and would shrink steadily over the next 20 years.

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About Dana Haynes

Dana Haynes, joined PCC in 2007 as the manager of the Office of Public Affairs, directing the college's media and government relations. Haynes spent the previous 20 years as a reporter, columnist and editor for Oregon newspapers, including ... more »