Cal Notes CCD

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Cal Notes CCD

Providing tax and revenue anticipation support to the California Community Colleges.

During a time of unprecedented funding uncertainty for the California Community Colleges, it is more important now than ever for the Community Colleges to receive short-term financing to manage cash flow deficits. Potential reductions in state apportionments, deferrals, and property tax delays may impact instruction and essential operations amidst the ongoing pandemic. As districts prepare financial projections, many are expressing interest in tax and revenue anticipation notes (TRANs) to bridge cash flow shortfalls.

In response to this need, the Foundation for California Community Colleges is sponsoring a new pooled TRANs program called the California Community College Districts Notes Program (“Cal CCD”). Cal CCD has assembled a team of seasoned community college financing professionals with significant experience structuring and issuing TRANs, with Stradling Yocca Carlson & Rauth as bond counsel, Piper Sandler as underwriter, and Keygent as financial advisor.

Cal CCD offers a unique alternative to existing pooled TRANs programs. Participants will benefit from added financial advisory oversight and the ability to continue working with existing bond financing team members. Additionally, Cal CCD provides financing cost efficiencies, streamlined documentation, and personalized, hands-on service with a focus on minimizing district staff time. Moreover, participants will gain expanded access to resources available through the Foundation.

Cal CCD’s added value is the Foundation’s commitment to reinvest all sponsorship fees into a Reinvestment Fund available to the program’s participants. This commitment is in alignment with the Foundation’s mission to benefit, support, and enhance the missions of the California Community College system.

Contact Us

Elaine Reodica
Director of Collaborative Services
Foundation for California Community Colleges

J.C. Sales
Executive Director, Program Development
Foundation for California Community Colleges

Ivory Li
Managing Director
Piper Sandler and Company

Chet Wang
Managing Director
Keygent LLC


Foundation for California
Community Colleges

1102 Q Street, Suite 4800
Sacramento, CA 95811

Toll Free: 866.325.3222
Fax: 916.325.0844

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Supporting our Work

Help the Foundation further its mission to benefit, support, and enhance the California Community Colleges.

The Foundation for California Community Colleges is a 501(c)(3) organization (EIN 68-0412350).

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Who we serve

The Foundation serves as the official foundation supporting the Board of Governors, Chancellor’s Office, and the entire California Community College system, including 116 colleges and 73 districts, serving nearly 2 million students.

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