Voters approve College levy:
Check this page for project updates as the process unfolds

On May 21, voters in Lincoln County approved a bond measure referred by OCCC to build a center for trades education and update and upgrade existing college facilities. In the election, Lincoln County notched a 40% voter turnout and the measure passed overwhelmingly, with 64.59% votes in favor (10,065 for vs. 5,518 against).  Learn more about the election results here.

Subsequently, the OCCC Board of Education approved a Bond Authorization to begin the sale process, while College staff have been working with Bond Counsel and public finance professionals to work through rating, pricing, and other processes. The estimated date of completion of the bond sale process is currently around August 15, 2024.

Moody’s Issues OCCC Bonds AA3 Rating

On Thursday, July 11, 2024, Moody’s Ratings issued a press release announcing its assignation of “AA3” rating to the College’s Series 2024 bonds. 

“The Aa3 rating reflects the district’s sound and stable financial position supported by conservative budgeting and growing enrollment,” stated the release. “The district has maintained available general fund balance above 25% of revenue in each of the last three years while enrollment has grown by nearly 14% since fiscal 2021. The rating also reflects the district’s healthy and growing local economy with very strong full value per capita of $358,000 balanced by below average resident incomes at 80% of the US median. The disparity between the two metrics is explained by the district’s sizable tourism industry and large second-home presence.”

Read the complete press release here.

For local investors interested in exploring investing in these bonds, the College’s bond underwriter, Piper Sandler & Co., provided the following:

There are two options available for residents and local community members to have the opportunity to purchase the College’s general obligation bonds. The first, and least complicated, is through a Charles Schwab account. The second option is through any other broker, which would include Edward Jones. There are a few key details that make this sale/purchase different from other investments which the investor should be made aware of:

• The investor has to have all accounts setup/paperwork complete prior to the order period on July 30^th
• The order must be placed during the order period (morning of July 30^th, likely between 7-9am)
• These bonds are exempt from federal and state of Oregon income taxes and may not be suitable for all investors.  Check with your investment or tax advisors before making a purchase.

The sale process happens quickly and by the end of the order period, it is likely that all bonds will be spoken for and no longer available for purchase.  

Order Through Charles Schwab:

1. Investor already has an account with Schwab or opens a new account.
2. Investor must contact a Schwab sales rep to request that an order be placed on their behalf during the anticipated order period
3. Piper will allocate the order directly to Schwab and the investor when the deal is done

Through Investor’s Current Broker (Edward Jones or Other):

1. Investor would need to talk to their broker (local agent), and have their broker reach out to the company’s (Edward Jones or other) trading desk
2. Note: Due to complexity of these trades and payment procedures, brokers may NOT choose accommodate their customers with this type of trade. It will be important to check with the company’s (Edward Jones or other) trading desk in advance on their willingness to accommodate this order.
3. Investor’s broker’s (Edward Jones or other) trading desk would then need to contact Piper Sandler’s dealer sales person (Ryan Heide) who can then place an order during the period for broker/Edward Jones
4. Piper will deliver the bonds to that broker, the broker will then allocate them into the investor’s account
5. Note: If the college is aware of anyone using this method, please let Piper know so that we can update the trading desk

As a reminder for either case, the order MUST be placed by the broker (either Charles Schwab or other) before or during the order period.

Trades Education Programming Under Consideration

Initial plans for the Oregon Coast Advanced Technology & Trades (OCATT) Center were first drawn up in 2017. The center is meant to expand pre-apprenticeship training and programming for county residents, as well as offer a variety of certificates and degrees in the marine, technical, and construction trades. View programming under consideration (all programming ultimately subject to NWCCU approval, as well as demand and feasibility assessments). 

Facilities, Furnishings, Safety, and Modernization

Plans for the portion of the levy proceeds to be invested in the College’s existing facilities were informed by a 2023 facilities needs assessment study, performed by GLAS Architects. These projects include safety and facilities modernization and upgrades, some remodeling and improvement of student study spaces and furnishings.

OCCC thanks the dozens of groups and individuals who hosted College staff and representatives, as well as members of the all-volunteer “Friends of OCCC” political action committee, for public presentations on Measure 21-224, during which speakers fielded hundreds of questions about the college’s plans, the structure and scope of the 21-year levy, and more. 

If you belong to a club or organization that may want to hear updates in the coming months about the ongoing work and planning for the pre-apprenticeship trades education facility, email occc@oregoncoast.edu.

Campaign Literature

In the interest of transparency and accountability, voters are encouraged to review, below, the actual public outreach documents published (and distributed throughout the Winter and Spring of 2024) by the College explaining the basic structure and scope of Measure 21-224.