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
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
SYS-CON Events announced today that SourceForge 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. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at 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. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at 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. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" 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. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Suzuki Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at 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. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
"Our strategy is to focus on the hyperscale providers - AWS, Azure, and Google. Over the last year we saw that a lot of developers need to learn how to do their job in the cloud and we see this DevOps movement that we are catering to with our content," stated Alessandro Fasan, Head of Global Sales at Cloud Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at 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. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.