Welcome!

News Feed Item

San Jose-Evergreen Community College District Gets Bond Rating Boosted, Helping the District Save Taxpayers $19 Million in Latest Bond Refinancing

Sound fiscal oversight and enhanced financial stability earns District lower interest rates and generate millions of dollars in savings to local taxpayers

SAN JOSE, Calif., April 8, 2014 /PRNewswire-iReach/ -- San Jose-Evergreen Community College District (SJECCD) announced today it has successfully refinanced nearly $100 million in general obligation bonds and, in the process, will save taxpayers more than $19.8 million over the life of the bonds.

(Photo: http://photos.prnewswire.com/prnh/20140408/MN99575)

SJECCD not only took advantage of historically low interest rates, but also benefitted from enhanced credit ratings issued recently by both Moody's and Standard & Poor's, the world's two leading credit rating agencies. Moody's affirmed SJECCD's 'Aa1' rating while removing its previous negative outlook, and Standard & Poor's raised the SJECCD's rating from 'AA-" to 'AA'. Both agencies cited the District's improved financial performance, liquidity position, healthy reserve levels and strong, stable fiscal management as justification for SJECCD's superior credit ratings, which were crucial towards securing lower interest rates on its bonds. The District estimates that of the nearly $20 million in total taxpayer savings the refinancing will generate, as much as $2 million can be directly attributed to the recent enhancement in its credit rating.

For SJECCD leaders, news of the successful bond refinancing affirmed the success of its sustained effort to regain investor and taxpayer confidence following a swarm of public criticism over questionable expenditures and loose internal control systems. Amidst that criticism in 2010, SJECCD's Board of Trustees named Dr. Rita Cepeda its new Chancellor, tasking her with making sweeping changes to the District's financial management procedures and to reestablish trust with financial investors and local taxpayers. Since then, SJECCD leaders have taken a series of significant steps to enhance the District's financial stability, including overhauling budget practices and internal control systems, building healthy budget reserves, and stabilizing future revenue projections.

 "The District has looked inward to conduct an exhaustive assessment of our internal controls and procedures, the goal of which was to refocus attention back to our budgeting and spending practices to ensure we are making every decision based upon what is best for our students and the long-term interest of our local taxpayers," said San Jose-Evergreen Community College District Chancellor Rita Cepeda. "Our enhanced credit rating is just another acknowledgment that our work has done much to instill confidence in the District."

SJECCD also announced the sale of more than $151 million in new money bonds authorized by voters in 2004 and 2010 to fund capital and modernization projects at both San Jose City and Evergreen Community Colleges. Much of the funding will be used to support continued growth in career and technical education programs that aim to prepare students for success and advancement in Silicon Valley workforce.

SJECCD's Board of Trustees expressed their approval of the successful bond sale, touting the District's efforts to lower the local tax burden and apply strong fiscal oversight and management over the past three years. In addition to delivering dozens of bond projects on time and on budget, the District has successfully expanded programming opportunities to better serve students while, at the same time, enhancing the District's overall financial stability.

"We hope our voters will see the care with which we have invested their tax dollars.  We are delighted to be able to have earned the trust and confidence that voters extended to us," said Dr. Jeffrey Lease, Chair of the San Jose-Evergreen Community College District Board of Trustees. "Our ability to provide quality career and technical programs for our students and aptly prepare them for the region's highly competitive workforce is directly dependent upon our voters' continued support for the critical role community colleges play in our region's economic growth."

About San Jose-Evergreen Community College District: Located in the Santa Clara Valley, the San Jose-Evergreen Community College District encompasses more than 300 square miles, including a large portion of the city of San José and all of the city of Milpitas. The District includes the areas served by Milpitas and San José Unified School Districts, together with the Eastside Union High School District. The District is comprised of two colleges, Evergreen Valley College, established in 1975, and San José City College, the oldest community college in Santa Clara County, established in 1921. For more information, visit: www.sjeccd.edu.

Media Contact: Rolando Bonilla, Ford & Bonilla, (415) 987-8025, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE San Jose-Evergreen Community College District

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to great conferences, helping you discover new conferences and increase your return on investment.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Everyone wants the rainbow - reduced IT costs, scalability, continuity, flexibility, manageability, and innovation. But in order to get to that collaboration rainbow, you need the cloud! In this presentation, we'll cover three areas: First - the rainbow of benefits from cloud collaboration. There are many different reasons why more and more companies and institutions are moving to the cloud. Benefits include: cost savings (reducing on-prem infrastructure, reducing data center foot print, redu...
SYS-CON Events announced today that Silicon India has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Published in Silicon Valley, Silicon India magazine is the premiere platform for CIOs to discuss their innovative enterprise solutions and allows IT vendors to learn about new solutions that can help grow their business.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
You want to start your DevOps journey but where do you begin? Do you say DevOps loudly 5 times while looking in the mirror and it suddenly appears? Do you hire someone? Do you upskill your existing team? Here are some tips to help support your DevOps transformation. Conor Delanbanque has been involved with building & scaling teams in the DevOps space globally. He is the Head of DevOps Practice at MThree Consulting, a global technology consultancy. Conor founded the Future of DevOps Thought Leade...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
DXWorldEXPO LLC announced today that "IoT Now" was named media sponsor of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...