yellow pages news jobs events calendar movie times RSS News Feeds
Rocklin and Roseville Today Weekend Events
   |   Current Temp: 76.0 F (24.4 C)
 

Justice Center in Roseville Refinancing Boosts County Rating


SHARE with Friend




Placer County earned a significant savings and a higher credit rating recently when it refinanced municipal bonds originally issued to help finance construction of buildings in North Auburn and Roseville

"This is great news for Placer County and its residents," Board of Supervisors Chairman Jack Duran said. "A credit review found plenty of positives in our county - including a strong, diverse economy. I was particularly pleased to see our county government get high marks for its budget performance and management team. Maintaining a solid financial footing is a top priority for the Board of Supervisors, and the credit review clearly shows we are on the right path."

"The market response to the County's refinancing was very positive," explained Treasurer-Tax Collector Jenine Windeshausen. "This refinancing resulted in significant debt-service savings and an upgrade of the County's credit rating."

Placer County originally issued the refinanced securities, known as Certificates of Participation (COP), to help finance construction of two buildings:

* The Larry Oddo Finance Administration Building at the Placer County Government Center in North Auburn and
* The courthouse building at the Bill Santucci Justice Center in Roseville.

The first building was completed in 1998 and the second was finished in 2008.

The Board of Supervisors approved the refinancing plans on March 11. In a memo to board members, Windeshausen noted that low interest rates offered the County an opportunity to reduce its long-term debt by refinancing the COPs.

She reported that the refinancing resulted in a gross savings of almost $2.2 million on $33,780,000 in outstanding debt.

In the process of refinancing, Standard & Poor's conducted a credit review that resulted in the County's issuer credit rating being upgraded from AA to AA+ with a stable outlook.

In a summary, Standard & Poor's said Placer County is very strong in three of the six areas considered in the credit review: budgetary flexibility, liquidity, and debt and contingent liabilities position. The County was classified as strong in the other three categories: its economy, budget performance and management conditions.

The Treasurer-Tax Collector's Office worked on the refinancing in cooperation with the County Executive Office, Auditor-Controller's Office, County Counsel and the Facility Services Department.






more news Print This Article


Placer County News Headlines

Placer County Wines Honored with 52 AwardsPlacer County Wine Trail wines have delighted judges' taste buds again at this year's California State Fair Commercial Wine Competition.

Border Crisis and Illegal Immigration in the United StatesCongressman McClintock recently delivered the following remarks on the House floor regarding the United States Border Crisis.

Influences of Cognitive Abilities in Old Age StudyEarly life experiences, such as childhood socioeconomic status and literacy, may have greater influence on the risk of cognitive impairment late in life than such demographic characteristics

Big Check Scam Targets Roseville BusinessRoseville, CA -- Recently a Roseville business person received a large order for merchandise from an overseas destination.

Supervisors Convene at Squaw Valley for Tahoe IssuesPlacer County, CA -- Under warm and partly cloudy July Sierra Nevada skies, the Placer Board of Supervisors held a regularly scheduled two-day meeting in Squaw Valley.

Should Art be added to STEM?The Sierra College STEM Collaborative published "Exploring STEAM: Science, Technology, Engineering, Arts, and Mathematics" by Elizabeth Dayton, Ph.D. to explore the evidence in support of adding arts and innovation to the national effort to encourage STEM education and careers.

Placer County Republican Party To Hold 2014 ConventionLOOMIS - The Placer County Republican Party will hold its endorsement convention on Aug. 23 to select which candidates to support for local offices in Placer County.

Job Fair in Roseville August 22ndRoseville, CA -- Multiple community agencies including Brandman University, The City of Roseville Libraries, Placer, Sacramento and El Dorado Counties, Golden Sierra Job Training, and Sacramento Works

Roseville Crime Report Digest Update (7.23.14)The Roseville Police Department weekly crime report digest update for July 23, 2014.

California Limits Full Contact Football for StudentsGovernor Jerry Brown signed into law AB2127 which limits, but does not eliminate full contact football practices for middle and high school students.

Beware of Deceptive Home Improvement OffersThe California Contractors State License Board (CSLB) is urging consumers to be aware of home improvement offers by individuals who use unethical business practices to gain entry into their homes

Continuous Improvement Network: August 6th & 20thSierra College CACT provides Value Stream Mapping Training in Sacramento on August 6 & 20 for the Continuous Improvement Network




more news