Well, figure that.
Texas Southmost College board trustee David Oliveira said he was “deeply disturbed" at news reports that a bond rating service was considering whether to downgrade the college district's position.
According to news reports, this week TSC received a warning from Fitch Ratin
gs – an international agency that provides issuer and bond ratings– that it is closely watching developments in the ongoing evolution of the partnership between the UT System and TSC.Additionally (and suspiciously), Fitch told board chairman Kiko Rendon that the district should formulate a plan showing how it will function autonomously, apart from the University of Texas at Brownsville.
Incredibly, this comes on the heels of announcements by both the negotiators of the UT System and those for TSC that they are doing just that.
Rendon called the warning a “miscommunication” stemming from Fitch not being fully informed about the UTB-TSC transition.
"Apparently, someone has been calling the rating service to alarm them about the negotiations we're undertaking and made them react to misinformation," Rendon said. "We are just addressing those issues now. This really won't affect us because it'll only affect new bond issues and right now we're not thinking of issuing any new debt."
“It all has to do with the unknown,” Rendon told the local daily. “That’s why the work of our transition team is so important. The sooner we define our new relationship and the sooner we have data to share with them, that all will change. They will be satisfied, I believe.”
Fitch Ratings evaluated $60 million in limited tax bonds and $13.3 million in maintenance tax notes, giving both a positive ‘AA’ credit rating.
Overall, Rendon told the paper, the board of trustees is working with the UT System to fast-track a transition to resolve the uncertainty, and that the recent bad news was a result of not having a clear idea of the situation.
“Someone who doesn’t know which direction we’re taking might think that, but I think there’s a lot of opportunities ahead,” he said. “They’re misinformed. We’re already moving forward with the UT System. We already see eye-to-eye on what we need to do.”
The news from Fitch that appeared in today's (March 17) edition of the Brownsville Herald had been leaked to the blogs. In a comment on a piece on the preservation of the college district, trustee Rene Torres received this response March 15, two days before the Herald ran the same story.
Anonymous said...
And separation it apparently is...So what's next? Here's one third party's verdict on it: Fitch and S&P who rate bonds for the market have put TSC on Credit Watch - Negative. This means it is expecting to have to downgrade TSC's credit status. Wow! And this after interviewing Kiko about the separation. I don't know what Kiko told them but it didn't exactly make them warm with confidence. What does this mean to Brownsville? Higher interest rates on new issued debt. I wonder what the present holders of TSC bonds are thinking right now.
March 15, 2011 10:08 PM
Now, who was aware of the apparently private conversation between Fitch representatives and Rendon? And further, how is it that the person can know of the content of those conversations by stating that "it didn't exactly make them warm with confidence?"
Which leads us back to our "disturbed" Oliveira. Is he the leaker of misinformation? Or is it Robert Robles? These gents have made it clear that they are not going to accept the decision of the majority of the board and move forward. The decision in 1991 to "partner" with the UT System wasn't a unanimous one. Yet, those that didn't agree shook themselves off and moved forward.
In this case, it seems that these gentlemen would rather see the district fail than to help the majority move forward to work to have two free-standing institutions.
Why, we ask, wasn't David Oliveira "deeply disturbed" when he Robbles and Robert Lozano were reeady to help the Juliet Garcia administration hand over $200 million in community college assets to the UT System and saddle the TSC taxpayer with an additional $102 million in debt to the year 2034?
Where wasn't he "deeply concerned" about the fact that as a result of the partnership TSC lost its accreditation? And why isn't he "deeply concerned" that we are losing half of the freshmen class, and that of those that remain, only 17 percent graduate over a six year period?
Why wasn't he "deeply concerned" that students in the poorest region in the country were made to pay the highest tuition and user-fees rates in the State of Texas? Why wasn't he "deeply concerned" that after failing to graduate, the remaining 83 percent, left without a degree and $15,000 to $20,000 in debt?
Was he "deeply concerned" as were Robles, Lozano and their demonic Oblate Armand Mathew that four trustees are moving forward while they delight in throwing the log on the tracks in front of the moving train and later blaming those inside if it crashes as a result?
Deeply concerned, my ass.
19 comments:
Juan: again and again, you sort through the "noise", find the real issues, report them with relevant facts, and follow with great analysis. Thank you. Keep up the great work.
The Board voted. Our lawmakers from the Valley need to go to Austin and make it happen. Anything less from them should convince us they need to be voted out just like the old Board.
If David Oliviera is disturbed, it is because Juliet told him to be disturbed. He has carried her water loyally for many years and gave up his manhood in support of Queen Scorpiana. Bond ratings around the nation are being questioned and threatened. At the most recent city commission meeting the city leaders were made aware that the problems in the economy are causing bankers to question all credit relationships with public entities. The TSC Board did not create the national economic crisis and it is very unfair to point a finger at this board....they didn't cause the economic problems the nation or the community faces. Oliviers is surely sounding like a Dumbokrat...pointing fingers and assessing blame to political opposition. If TSC is in trouble, it is David Oliviera and others who were more loyal to Juliet than to the community, who contributed to the current situation. David Oliviera gave up his manhood to Juliet and whatever comes out of his mouth these days is mere "Juliet-speak".
David Oliviera should be "deeply disturbed" that he was a puppet to Juliet Garcia and not a delegate for the people as a member of the TSC Board. If he is "disturbed" it is self-inflicted.
Mr. I know him, ate with her, went to school with me, Mr. Name dropper is a sorry sorry human being. en otras palabras es un Menso Menso Menso.
Deeply disturbed he should be about the way he is modeling for his own boys. Have some guts or just step down let someone that really cares work for the future of TSC. You and your buddy Cigarroa should just ride into the sunset. Otro Menso and everybody had hopes he would help his people what a shame.
david oliviera is a DICK HEAD LIKE HIS COUSIN RENE!!!!!!!!!!!!!
WE MUST VOTE THESE ASSHOLES OUT THESE PIECES OF SHIT.
If it weren't both so pathetic and so ironic, Oliveira's touching concern about fiduciary responsibility would be far more convincing. Where was this business acumen while taxpayers were being systematically plundered by the UT system or even more recently while Juliet was being given a thoroughly undeserved raise? By the way, how much does a front page article go for these days. The Herald appears every bit as bought and paid for as Oliveira and Robles, but then the campus has always known that Juliet keeps them in her pocket. Woe to those brave souls who try to share the truth with either their colleagues on campus, or worse still, the community---who, of course, must not ever be allowed to see that the emperor/empress has no clothes.
I am disturbed that the entire city has not come out in a massive riot against this stupid separation, as the TSC credit ratings and accreditation fail and the Texas Legislature cuts all funding. Why wait, have a referendum vote now.
Let the people decide, not 4 trustees. The people will choose unification, that is what the four minority votes are afraid of.
Look towards TSTC as the model for TSC. They have countless colleges partnering with TSTC. Notice how they are truly separated. The sky is not falling.
Well, it's nice to see that some of Juliet's sycophants read the blogs--please see the comment above.
Anyone who uses the term "unification" for Juliet's desired outcome is either naive or brutally disingenuous. Destroying the partnership is "unification," is it? Perhaps. Though only in Wonderland or in some perverse parallel universe.
As for the slippery suggestion that we all have a referendum on the matter, why not go the whole distance and have referendums on every single item on every single TSC agenda? A referendum on tax rates, say. A referendum on who gets the auditing contract. On every new TSC course. On every little purchase. It's a wonderful idea: If representative democracy doesn't yield the desired results, go for mob rule!
anonymous-3/18/11@4:18 AM
U MUST NOT BE A BROWNSVILLIAN NATIVE NOR ATTENDED TSC, WELL I WAS BORN HERE AND ATTENDED TSC. WE THE MAJORITY VALUE & KNOW WHAT TSC MEANS TO OUR COMMUNITY. TSC UNFORTUNATE FATE STARTED WHEN julieta garcia TOOK OVER BUT, THANKS TO THE MAJORITY FANTASTIC 4 TSC WILL PREVAIL. I CAN ONLY GUESS THAT U MUST BE A VERY UNEDUCATED INDIVIDUAL CAUSE A 4-3 DECISION MEANS THE 4 TRUSTEES THAT VOTED TO SAVE TSC ARE THE MAJORITY AND IN A "REPRESENTATIVE DEMOCRACY" MAJORITY RULES!!!!!!!!!!
WHEN OLIVEIRA, ROBLES & LOZANO ARE UP FOR REELECTION WE THE PEOPLE WILL VOTE THEM OUT AND RESTORE HONOR & CREDIBILITY TO OUR COMMUNITY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Calma te, calma te mi familia. . .
All this fist shaking is a waste of good frijoles. Unify, separate, hell I don't care, but just get it over with! If the fab four can pull off a new TSC without falling flat on their faces, they were right. If they don't lower tuition to South Texas College rates without raising taxes, or don't get accredited, they fail.
Sit back. Enjoy the reality show. By 2014, it'll be either a parade or tar and feathers. Remember, one of the major functions of our local elected officials is to provide entertainment. TSC is Oscar material for sure.
A previous anonymous wrote above: "Look towards TSTC as the model for TSC."
Now here's a thought. Why not have TSTC come to Brownsville instead? They do it all in Harlingen, charge cheap tuition, and they have NO college district tax!
What of "local control"? What's it gotten you lately?
Let's take "TSC" and put another "T" in it. Low tuition, better programs, no taxes. How do you beat that?
A few weeks ago I confess that I said that Kiko Rendon was the dumbest elected official I had ever seen.
But yesterday I talked to Trey Mendez and wish now to withdraw my previous statement.
Hold it!
I must correct myself regarding an inaccurate statement made about having met the dumbest elected official ever.
Moments ago I talked to Adela Garza.
My apologies to Mr. Mendez.
When all this turmoil started, I thought I had seen the dumbest comments. I was wrong @3/20 938am
To the idiot who "moments ago" spoke to Ms. Garza. He is the dumbest person on the planet. Writes "anonymously" but identifies the exact time and date of his conversation. So easily identified. What an idiot.
YOU GOT ME ! ! !
Now she's going to know for SURE it was me, her husband!
Damn, those fab four are smarting.
I think he was being sarcastic, it's still funny agreed
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