New Website Details Amount of Debt Colleges Have 10/30/13
October 30th, 2013
Midland Vice President of Administrative Services Rick Bender says Midland College has always been a relatively low debt institution.
According to the Comptrollerís website, they have 45 million dollars in debt as of 2012, which is roughly seven thousands dollars worth of debt per student.
Bender says that debt comes from a bond voters passed in 2005 to improve the campus and bonds to build residence halls.
Since 2008, their debt has gone down every year. The college has a schedule to pay off the debt by 2028.
Odessa College has roughly 91 million dollars in debt, which is 18 thousand dollars per student.
Most of the debt comes from a 68 million dollar bond voters passed in 2010 to expand and improve campus.
Bender says Midland residents will most likely see property taxes go down as they pay off more of the debt, but itís mostly based on property valuations. If valuations continue to rise taxes, taxes will go down.
There is no word yet on how the debt will affect property taxes for Odessa College.
Bender also says students shouldnít see costs rise as bond debt is paid off by property taxes.
Here is a link to the website: