The college's two main funding sources to build and renew facilities are general obligation bonds and certificates of participation.
These bonds are approved by the voters in our district. A tax is levied to retire the debt. In May 2008, voters approved a $92 million bond levy for the college. Projects that will be funded with the General Obligation bonds are:
The college periodically issues certificates of participation (COPs, also called full faith and credit obligations) as an alternative way to acquire and construct facilities. The debt is repaid by the revenue generated from the asset, typically income from rental of building space. Two of the more recent projects funded with COPs are partially funding the construction of the Chemeketa Center for Business and Industry and the site acquisition for the Yamhill Valley Campus.
The last remaining large-scale building project to complete with the general obligation bonds, approved in 2008, is facilities for technology classrooms. The college currently has two alternative options. Chemeketa is currently in the top half of the state’s capital construction list among community colleges. The college hopes to include an additional approximately $8 million of state construction funds to provide these facilities. If the state appropriates these funds within the next few years, the project will likely be two buildings. If not, the college will scale back the plans and provide the facilities in a single building.
There are three major projects that were recently completed and began being used in the fall term 2011: