Jersey City Community Charter School
NAME: Jersey City Community Charter School
COUPON: 5.25% (Series A)
BONDHOLDER SECURITY: A revenue pledge of per pupil revenues (made to JCCCS by the Board of Education of the school’s school district of residence through the State of NJ Funding), a Debt Service Reserve Fund funded at Max Annual Debt Service. Additional security is provided by a first mortgage lien on both school facilities appraised at $8,950, 000.00 as of September 7, 2016.
USE OF BOND PROCEEDS: Refinance the school’s outstanding commercial mortgage loans used to acquire the two school facilities, fund a Debt Service Reserve Fund, and to pay costs of issuance.
RATINGS: Baa3 (Moody’s)
OBLIGOR PROFILE: JCCCS is one of the state’s first charter schools founded and authorized in 1997. JCCCS provides education for grades K-8 in two school facilities located in Jersey City, NJ (128 Danforth Avenue and 555-561 Bergen Ave). The School’s current charter was renewed in February, 2016 for a period of five years through June, 30, 2021 – the fourth renewal since its founding. Subsequent renewals will be for additional five year terms. Student-teacher ratio is 11:1. Attendance rate is 96%. 2015-16 school year enrollment is 602 with a waiting list of 143 students. State funding trend 2012-2015: +1%, +4%, and +3%, respectively.
Forecast 2017 Debt Service Coverage Ratio is 1.54x; Days Cash on Hand is 54, (minimum coverage covenant = 1.10x, minimum days cash on hand covenant = 30).
(Source: Official Statement, dated October 25, 2016)
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