CORRECT: Fitch Rates San Francisco Community College District, California's $34MM GOs ``AA-''.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--March 1, 2002 Incorrect language was stated in the original press release dated Feb.27. The amended press release follows. The San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden Community College District, CA's $34,000,000 2002 general obligation bonds (election of 2001 series A) are rated 'AA-' by 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. . The bonds will be sold through negotiation by Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and The Chapman Company on or about March 11. This is the district's first general obligation bond sale under its own name. Prior authorizations prior authorization, n See predetermination. prior authorization Health insurance A cost containment measure that provides full payment of health benefits only if the hospitalization or medical treatment has been were sold by the City and County of San Francisco. The rating reflects the district's strong underlying economic base, satisfactory financial operations marked by good operations and ending reserves that are balanced by reportable conditions cited by independent auditors, and a low debt burden. None of the reportable conditions were considered material weaknesses by the auditors. The district operates City College of San Francisco, which has 10 full campuses and conducts classes at over 100 sites. The district is coterminous co·ter·mi·nous adj. Variant of conterminous. Adj. 1. coterminous - being of equal extent or scope or duration coextensive, conterminous with the city and county of San Francisco, sharing the sound underpinnings of its tax and employment base. The district is about one-half of the way through addressing audit findings, correcting problems that existed for several years. District officials expect all or nearly all audit findings to be resolved by June 30, 2002. These bonds are the first issuance from a $195 million voter authorization last November under California's Proposition 39 election procedure. This follows a $50 million authorization in 1997, indicating sound public support for the district. Prior issues were sold as San Francisco general obligation bonds. The recent authorization will fund the district's share of a sizable capital plan, which includes two new campuses, a community health and wellness center, and a performing arts and cultural facility. However, some of the approved projects require partnership funding from the state and other higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. institutions. Like primary and secondary schools, California community colleges receive much of their operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. from the state under a per pupil allotment. However, this district also has significant own-source revenue, including property taxes, a share of a one-quarter cent sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. , and student fees. The district has run operating surpluses in three of the last four years, bringing the unreserved ending fund balance to $8.0 million in 2001, a good 4.6% of operating costs operating costs npl → gastos mpl operacionales . However, the district's independent auditors have cited issues with internal accounting and controls. The district has addressed and eliminated about one-half of these concerns over the last few years, and continues to implement needed changes. District officials believe that the ongoing accounting department reorganization will correct most or all of the remaining findings by the end of this fiscal year. These concerns temper otherwise satisfactory financial operations and ending reserves. |
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