CANYONS BONDS DEEMED `SECURE' BY FITCH RATINGS.Byline: Daily News VALENCIA - Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. assigns an `AA-' rating to College of the Canyons' $29.2 million in certificates of participation and affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the `AA' rating on $77.5 million outstanding general obligation bonds. The certificates will be sold around March 15 under a voter-approved bond measure to finance campus construction projects. The rating outlook for the financing was termed ``stable.'' The rating reflects the district's strong underlying tax base and economy, low direct debt burden, adequate financial position and appropriation The designation by the government or an individual of the use to which a fund of money is to be applied. The selection and setting apart of privately owned land by the government for public use, such as a military reservation or public building. risk typical of California lease obligations. The rating also incorporates the essential nature of the leased property, which provides a strong incentive for the district to appropriate such lease payments annually. The certificates are secured by lease payments made by the district for use of the district's entire main campus, which consists of 11 permanent buildings, 24 temporary buildings and a sports stadium on 153 acres in Valencia. While close to $13.6 million in certificate proceeds will finance the construction of a co-generation power facility, lease payments are not contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent completion or operation of the plant. The Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, Community College District, which governs the Valencia two-year campus, is one of the fastest-growing community college districts in the state and nation. Both tax base and enrollment growth are robust, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Fitch analysis. In recent years, annual enrollment increases have consistently posted double-digit gains. The trend is expected to continue and should result in more than doubling the district's current 11,776 students by the end of the decade. While the rapid enrollment will place demands on the college's treasury, Fitch is confident the district is making the appropriate fiscal plans. Established in 1967, the district runs College of the Canyons College of the Canyons is one of the fastest-growing community colleges in the state. According to the National Junior College Research Association, College of the Canyons consistently ranks in the top 50 community colleges in the nation. and is building a second campus in Canyon Country. The district's current population exceeds 215,000 and is expected to grow over triple by 2020. Financial operations are stable and adequate, as evidenced by three consecutive years of positive year-end results, according to the rating team's analysis. |
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