Rocklin Unified School District

Fitch Affirms Rocklin USD CFD No. 1 & 2, California Special Tax Bonds at 'AA ...

NEW YORK--( BUSINESS WIRE )--Fitch Ratings has affirmed the following Rocklin Unified School District (USD) Community Facilities District (CFD) No. 1 ratings at 'AA-':

--Approximately $22.9 million refunding special tax bonds series 2007;

--Approximately $1.8 million special tax bonds series 2000;

--Approximately $7.1million special tax bonds series 2001;

--Approximately $11.9 million special tax bonds series 2004;

--Approximately $6.2 million special tax bonds series 2007.

In addition, Fitch affirms the following Rocklin USD CFD No. 2 ratings at 'AA-':

--Approximately $11.8 million special tax bonds series 2007.

The Rating Outlook is Stable.

RATING RATIONALE:

--The CFD bonds are secured by combined annual parcel taxes levied upon property within CFDs No. 1, 2, and 3.

--Concerns over narrow debt service coverage levels are partially offset by substantial reserve levels, the very high value-to-lien ratio, covenant to pursue accelerated foreclosure if conditions warrant, and the ability to levy back-up taxes, if necessary.

--The districts are component units of the Rocklin Unified School District (rated 'AA'; Negative Outlook, by Fitch), whose residents exhibit above average wealth levels.

--Debt levels are moderate, and no future borrowing is anticipated for the next three years.

KEY RATING DRIVERS:

--Any further economic dislocation could negatively impact delinquency rates, and therefore, diminish already thin debt service coverage.

--Reduction of the ample reserve levels would cause credit concern, given the narrow coverage.

SECURITY:

CFD special tax (Mello-Roos) bonds are secured by the combined proceeds of annual special taxes levied and collected from property within CFDs Nos. 1, 2 and 3.

CREDIT SUMMARY:

Primary credit support is derived from the pledge of combined annual parcel taxes on all three CFDs. The special tax levy, which was projected to hold steady at 1.15 times (x) annual debt service, produced 1.12x coverage in FY2010. Despite narrow coverage margins, the CFDs have accumulated substantial balances, including $10.5 million unreserved in the Capital Projects Fund. While this amount may be expended in the future, it currently represents 140% of FY2010 debt service requirements.

Sierra College seeks to fill board opening ... - Rocklin & Roseville

ROCKLIN - The Sierra Joint Community College District is accepting applications to serve as an appointed member of the Board of Trustees until the next regularly scheduled election for governing board members, which is November 2012. The Board has chosen to make a provisional appointment rather than incur the significant costs associated with a special election.
 
The Sierra College Trustee for Area 4, Ms. Elaine Rowen-Reynoso, has submitted her resignation following a lengthy absence from the board. "We know this was a difficult decision as Elaine is passionate about education. This decision will allow her to focus solely on her recovery," commented Dr. Leo E. Chavez, Sierra College President. Ms. Rowen-Reynoso sustained serious injuries from an automobile accident last year.
 
"On behalf of the board, I want to thank Elaine for her service to Sierra College," noted Aaron Klein, Board President. "Her commitment to education was apparent to all who met her, and her passion for students was equally evident. We are thankful both for her contributions to our Board, and to the community college system's Commission on the Future, where she served for a number of months."
 
The board is seeking candidates with the commitment and the ability to fulfill the responsibilities of being a member of the board, which include:
 
* Participate fully in the work of the board, which includes attending all board meetings and key college events, studying and discussing policy issues, and participating in trustee education programs.
* Be knowledgeable about the communities served by the college and be willing to act on behalf and for the benefit of those communities.
* Be committed to community colleges and their missions; understand educational, social, and economic policy issues.
* Engage in balancing the needs of many diverse groups; be able to contribute to and build consensus.
* Contribute to effective board functioning and support the authority of the board as a whole.

The Sierra Joint Community College District encompasses 3,200 square miles and serves Placer, Nevada and parts of El Dorado and Sacramento counties. In addition to the Rocklin campus, the district has campuses in Grass Valley, Truckee, and Roseville Gateway. The district serves an estimated 17,000 students each semester and offers over 125 degree and certificate programs.

Education in Placer County, Californi, Rocklin Unified School District, Roseville Joint Union High School District

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