yellow pages news jobs events calendar movie times RSS News Feeds
Rocklin and Roseville Today A/C Service
   |   Current Temp: 66.0 F (18.9 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

Roseville Crime Report Digest Update (7.29.14)Roseville, CA - The Roseville Police Department weekly crime report digest update for July 29, 2014.

Different Standards From Mortgage LendersJulie Jalone of MagnumOne Realty in Roseville, reports on a recent Fannie Mae survey which indicates there may be a growing difference in credit standards between small and large lenders. Which do you think has the tighter credit standards? Check out Julie's article and find out.

PCWA Comments on Bay Delta Conservation PlanDrought Watch: PCWA expresses concern about future water supply reliability for Placer County and claims EIR fails to consider key issues.

Honor Bowl Games at Del Oro August 2014ROCKLIN, CA. - William Jessup University announced today that it will serve as a sponsor for the Northern and Southern California 2014 Honor Bowl football games.

Tahoe Bike Classic Sept. 27 & 28The inaugural Tahoe Bike Classic will take over the Lake Tahoe basin this fall, September 27 & 28, 2014.

Lake Tahoe Marathon Returns September 14thArguably the most beautiful marathon in the world, the Lake Tahoe Marathon returns to Lake Tahoe on Sunday September 14, 2014. Since its inception in 1995, the Lake Tahoe Marathon has evolved into a premier running event

3 Month Old Dies in Sacramento, Parents JailedAshleigh Smith and the 19-year-old father, Terry Scott, were interviewed, they were both booked that night into the Sacramento County Jail on felony child abuse/neglect charges.

Dropping Gas Prices Lift Summer DriversLocal gas prices continue to drop and bring relief to drivers across California and the nation.

Inter-Faith Task Force Seeks New MembersThe Roseville Police Department is hosting an Inter-Faith Task Force comprised of congregational leaders and security teams for churches and other

Lake Tahoe Basin Community Plan Environmental ReviewWith the release of the Notice of Preparation (NOP) for the Environmental Impact Statement/Report, the ongoing update to the complex Tahoe Basin Community Plan continues to make progress

Preventive Autism Treatment Focus of Research AwardsResearch could affect nearly one in every four cases of autism among children in the U.S.

Simple Changes Helping California Small Businesses and EntrepreneursIt's not easy doing business in California. In order to be successful, business owners must overcome many challenges, one of which is dealing with California's complicated tax system

more news