CHULA VISTA, California – Southwestern College has received AA ratings for the first sale of $140 million of its Proposition Z bonds. The ratings from Moody’s Investors Service and Standard and Poor’s highlight the strength of the local market, the diversity of Southwestern College’s taxpayers and their faith in the district to repay the bonds.
Based on Southwestern College’s strong name recognition in the bond market and a high demand for bonds, the district was able to negotiate its interest pricing and lower rates for taxpayers, saving them more than $1 million, at the bond sale on Nov. 7.
“We really want to thank the taxpayers for their faith in us,” said Vice President of Business & Financial Affairs Tim Flood. “The market has shown that it has great faith in our district and our community and the direction that our community is heading.”
Proposition Z, a $400 million general obligation bond, was passed by voters in November 2016 with a record high approval rating. In addition to a new Performing Arts & Cultural Center to be built next to the new Wellness & Aquatic Complex, Proposition Z will fund a multi-story parking structure, a new Student Center and an expansion at the Higher Education Center at San Ysidro.
“Proposition Z helps us continue the work of expanding our campuses to meet the growing academic needs of our entire South Bay community,” said Superintendent/President Dr. Kindred Murillo.