Rocklin, CA February 14, 2019 – Sierra College received an improved bond rating from S&P Global Ratings to AA and Moody’s Investors Service to Aa1, prior to the first issuance of Measure E General Obligation Bonds. Measure E was approved by voters in June 2018. Both Moody’s and S&P noted Sierra College’s strong financial management practices, historically stable operations, conservative long-range budgeting, and reserve policies which were factors in the rating. As a result of the improved bond rating, the initial bond sale on February 13 was successful in capturing a lower than projected interest rate, saving taxpayers money over the life of the bond.
“We are very pleased about achieving a higher bond rating,” stated Sierra College Superintendent/President, Willy Duncan. “It is truly a reflection of the fiscal management of the Board of Trustees and the efforts of our administration and staff.”
The $350 million bond measure will fund the District’s Facilities Master Plan which includes infrastructure upgrades, new instructional facilities, and modernization of existing facilities. Sierra College serves over 18,000 students each year at campuses throughout Placer and Nevada County and offers degrees and certificates in 149 programs.
The District took advantage of favorable financial conditions and refinanced the Tahoe-Truckee and Nevada County campus bonds in 2013, saving taxpayers an estimated $6.1 million over time. The Tahoe-Truckee bonds were refinanced again in 2015 for an additional $830,000 savings to taxpayers.
“We look for every opportunity to maximize the dollars the public has entrusted to us,” said Sierra College Board President, Bob Romness. “We have a track record of carefully managing our debt service and we will continue to do so in the future.”