|By PR Newswire||
|April 8, 2014 08:20 AM EDT||
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.
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
Recently announced Azure Data Lake addresses the big data 3V challenges; volume, velocity and variety. It is one more storage feature in addition to blobs and SQL Azure database. Azure Data Lake (should have been Azure Data Ocean IMHO) is really omnipotent. Just look at the key capabilities of Azure Data Lake:
Oct. 6, 2015 03:00 PM EDT Reads: 212
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
Oct. 6, 2015 03:00 PM EDT Reads: 238
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
Oct. 6, 2015 03:00 PM EDT
“All our customers are looking at the cloud ecosystem as an important part of their overall product strategy. Some see it evolve as a multi-cloud / hybrid cloud strategy, while others are embracing all forms of cloud offerings like PaaS, IaaS and SaaS in their solutions,” noted Suhas Joshi, Vice President – Technology, at Harbinger Group, in this exclusive Q&A with Cloud Expo Conference Chair Roger Strukhoff.
Oct. 6, 2015 02:45 PM EDT Reads: 363
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Oct. 6, 2015 02:15 PM EDT Reads: 293
In his session at @ThingsExpo, Tony Shan, Chief Architect at CTS, will explore the synergy of Big Data and IoT. First he will take a closer look at the Internet of Things and Big Data individually, in terms of what, which, why, where, when, who, how and how much. Then he will explore the relationship between IoT and Big Data. Specifically, he will drill down to how the 4Vs aspects intersect with IoT: Volume, Variety, Velocity and Value. In turn, Tony will analyze how the key components of IoT ...
Oct. 6, 2015 02:00 PM EDT Reads: 294
Scott Guthrie's keynote presentation "Journey to the intelligent cloud" is a must view video. This is from AzureCon 2015, September 29, 2015 I have reproduced some screen shots in case you are unable to view this long video for one reason or another. One of the highlights is 3 datacenters coming on line in India.
Oct. 6, 2015 02:00 PM EDT Reads: 221
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
Oct. 6, 2015 01:00 PM EDT Reads: 734
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect ...
Oct. 6, 2015 01:00 PM EDT Reads: 580
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Oct. 6, 2015 12:45 PM EDT Reads: 456
Clearly the way forward is to move to cloud be it bare metal, VMs or containers. One aspect of the current public clouds that is slowing this cloud migration is cloud lock-in. Every cloud vendor is trying to make it very difficult to move out once a customer has chosen their cloud. In his session at 17th Cloud Expo, Naveen Nimmu, CEO of Clouber, Inc., will advocate that making the inter-cloud migration as simple as changing airlines would help the entire industry to quickly adopt the cloud wit...
Oct. 6, 2015 12:30 PM EDT Reads: 573
As the world moves towards more DevOps and microservices, application deployment to the cloud ought to become a lot simpler. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. In his session at 17th Cloud Expo, Raghavan "Rags" Srinivas, an Architect/Developer Evangeli...
Oct. 6, 2015 12:15 PM EDT
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Oct. 6, 2015 12:00 PM EDT Reads: 247
DevOps is gaining traction in the federal government – and for good reasons. Heightened user expectations are pushing IT organizations to accelerate application development and support more innovation. At the same time, budgetary constraints require that agencies find ways to decrease the cost of developing, maintaining, and running applications. IT now faces a daunting task: do more and react faster than ever before – all with fewer resources.
Oct. 6, 2015 12:00 PM EDT Reads: 335
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Oct. 6, 2015 12:00 PM EDT Reads: 405