SJECCD Bond Program Continues to Revitalize Campuses

 

Ryan Brown | Email: ryan.brown@sjeccd.edu

 

(San José, Calif.) — San José – Evergreen Community College District (SJECCD) has completed the sale of approximately $238 million of general obligation bonds, which will fund the continued development and modernization of facilities, equipment, technology, and infrastructure at the District and its colleges, San José City College (SJCC) and Evergreen Valley College (EVC).

 

The $200 million in Series C federally tax-exempt and $38 million in Series C-1 federally taxable bonds represent the fifth and sixth issuance of bonds since voters approved SJECCD’s Measure X in 2016. While it will be several years before the proceeds are fully spent, this is the final funding available to SJECCD from the $748 million Measure X authorization.

 

“The future of our regional and state economies and the continued success and growth of Silicon Valley and California depend on a highly skilled and highly trained workforce. It is imperative that those workers are learning and training in safe and secure facilities and with up-to-date equipment and technology,” said Dr. Raul Rodriguez, SJECCD’s interim chancellor. “We are extremely grateful that our community understands the importance of investing in its local colleges and has provided us with the resources to develop our campuses into state-of-the-art colleges.”

 

The SJECCD bond program has been the driving force behind the modernization of the SJCC and EVC campuses, which have seen numerous new buildings and facilities constructed and renovated in recent years, including classrooms and labs, physical education and athletics facilities, infrastructure and safety improvements, and technology upgrades, among other projects.

 

“We are deeply committed to responsible stewardship of the tax dollars with which we are entrusted,” said Bob Livengood, president of the SJECCD board of trustees. “The District has secured strong credit ratings of Aa1 from Moody’s and AA+ from Standard & Poor’s’; both ratings are just one level from the highest possible credit ratings that these agencies issue, so investors know SJECCD general obligation bonds are a strong investment.”

 

These ratings reflect advanced financial planning combined with the support of local property taxes. Moody’s Credit Opinion refers to SJECCD’s financial operations and reserves as “sound, improved reserve position supported by deep entrenchment in community funded status. The district has a healthy financial position that has further improved in recent years, which we expect will remain stable given its deep entrenchment into community funded status and management's conservative fiscal practices.”

 

Both campuses have construction projects currently underway that will be flagship buildings once completed, including a new Career Education Complex at SJCC and Student Services, Language Arts, and General Education Buildings at EVC.

 

“Our strong credit rating and overall fiscal health starts with leadership from the board of trustees and includes great work from numerous individuals throughout the District,” said Jorge Escobar, SJECCD’s vice chancellor of administrative services. “But I’d be remiss if I didn’t mention our bond team, led by Associate Vice Chancellor of Physical Plant Development and Operations Terrance DeGray, who has four major capital construction projects worth over $400M under construction and continued the development of our colleges during the Covid-19 crisis.”

 

San José – Evergreen Community College District serves approximately 30,000 students per year and countless other individuals, organizations, and community groups utilize its facilities.