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Transportation Corridor Agencies’ Boards of Directors Unanimously Vote to Pay Off Unfunded Pension Liability

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$12.8 Million Approved in Fiscal Year 2020 Budget to go to OCERS

IRVINE, Calif.–(BUSINESS WIRE)–#133tollroad–In a demonstration of the Transportation Corridor Agencies’ strong
financial health and commitment to fiscal responsibility, the Boards of
Directors of the Foothill/Eastern Transportation Corridor Agency
(F/ETCA) and San Joaquin Hills Transportation Corridor Agency (SJHTCA)
voted to pay off TCA’s unfunded pension liability with the Orange County
Employees Retirement System (OCERS) on July 1 of this year.

“In an era when so many public agencies find themselves with their backs
to the pension wall, it’s a sign of TCA’s financial strength and
compliment to my fellow Board Members and staff that we’re in a position
to pay off our unfunded pension liability,” said Director Joe Muller,
chair of TCA’s Joint Finance & Investment Committee and Dana Point Mayor.

TCA’s unfunded actuarial accrued liability (UAAL) currently stands at
$12.8 million. By paying that off now, Muller explained, TCA can lower
its employer contribution rate by almost half of the 24 percent of
salaries that it is currently obligated to pay.

“Paying off the unfunded pension liability allows TCA to realize a
present value savings of approximately $2 million based on the interest
we pay to OCERS compared to the interest we earn on our cash,” said Amy
Potter, Chief Financial Officer for TCA. “TCA is a very strong agency,
both financially and operationally, thanks to the actions of our Boards
of Directors.”

Muller contrasted TCA’s action with the growing number of Orange County
cities resorting to tax increases to cope with rising unfunded pension
liability costs that consume expanding percentages of their budgets.

TCA’s decision to pay off the Agencies’ UAAL is the latest in a series
of actions taken by TCA to reinforce its strong financial foundation.
TCA is the government agency overseeing operations of California’s
largest network of toll roads – State Routes 73, 133, 241 and 261. In
2013 and 2014, the TCA’s took advantage of historically low interest
rates and refinanced their bond debt. The $2.3 billion F/ETCA refinance
deal attracted national attention as one of the largest fixed-rate
municipal transactions of 2013.

Since the bonds were restructured, all three major credit rating
agencies upgraded both F/ETCA and SJHTCA as investment grade. S&P Global
Ratings called TCA’s market position “strong,” and said its “role as a
congestion reliever” made using its network of toll roads a “virtual
requirement for drivers who depend on time savings.”

The F/ETCA and SJHTCA Boards of Directors and staff remain committed to
ensuring The Toll Roads are financially stable and that the Agency is
positioned to provide excellent service and be sustainable into the
future – for both customers and employees.

The Transportation Corridor Agencies (TCA) are two joint
powers authorities formed by the California legislature in 1986 to plan,
finance, construct and operate Orange County’s public toll road system.
Fifty-one miles of the system are complete, including the 73, 133, 241
and 261 Toll Roads. TCA continues to meet the region’s growing need for
congestion-free transportation alternatives.

Contacts

Sarah Swensson King
949-754-3417 office
714-349-3846 cell

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Business Wire

Cambodia Junior National Canoe Team Members to Visit Japan as Part of Japan Exchange Program JENESYS 2019

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TOKYO–(BUSINESS WIRE)–Sixteen members of the Cambodia junior national canoe team are scheduled to visit Japan from September 17–25 as part of the Japan Exchange Program JENESYS 2019 promoted by the Ministry of Foreign Affairs (MOFA).

We invite the group to enjoy canoe-related tours and lectures in Tokyo, and then to visit Ishikawa Prefecture to participate in the 15th Japan Canoe Sprint Junior/Junior Youth Komatsu Tournament, joint practice with the Japan national team, a social gathering with high school students, and other activities, all in an effort to promote personal exchange between Japan and Cambodia through sports. Our aims with these activities are to effectively share the appeals of Japan and to further promote the future development of the sports industry in Cambodia and friendly relations between Cambodia and Japan.

We hope that participants in this program will proactively share the appeals of Japan and other information after returning to Cambodia.

For reference: Japan Exchange Program JENESYS 2019

People with the ability and future mission to deliver messages between Japan and the countries and regions of Asia and Oceania are invited and dispatched in order to promote an understanding of Japan with regard to politics, economics, society, culture, history, foreign policy, and the like, and pro-Japanese people and experts on Japan are discovered in order to strengthen Japan’s message to other countries and expand Japan’s diplomatic foundation by having the guests and dispatchees take the initiative to spread information about the diplomatic stance, appeals, and other facets of Japan.

Schedule

Tuesday, September 17

Arrive in Japan, orientation, lecture by the Japan Canoe Federation, etc.

Wednesday, September 18

Tour Sea Forest Waterway, etc.

Thursday, September 19

Travel to Ishikawa Prefecture

Courtesy visit to the Komatsu City Office

Joint practice with the Japan national team

Friday, September 20

Visit Komatsu Ltd.

Social gathering

Saturday, September 21–Monday, September 23

Participate in the 15th Japan Canoe Sprint Junior/Junior Youth Komatsu Tournament

Tuesday, September 24

Travel to Tokyo

Presentation of outcomes, etc.

Wednesday, September 25

Depart Japan

Contacts

Inquiries about the program

JENESYS 2019 ASEAN + East Timor Project Implementing Agency

JTB Kasumigaseki Operations Department

Contact: Junji Mise (Mr.), Yutaka Shintani (Mr.)

TEL: +81-3-6737-9447

Weekdays: 9:00-18:00 (Closed on weekends and holidays)

[Email] jenesys2019asean@jtb.com

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Business Wire

CommerceWest Bank Supported Caterina’s Club and Provided Warm Meals, Affordable Housing, and Job Training Assistance to Low-Income Families

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IRVINE, Calif.–(BUSINESS WIRE)–CommerceWest Bank (OTCBB: CWBK) supported Caterina’s Club and provided warm meals, affordable housing and job training assistance to low-income families throughout Southern California. Caterina’s Club “Feeding Kids in America” program feeds over 25,025 children a week. The “Welcome Home” program provides qualified families, living in the dark environment of a motel, with the necessary resources to move into the safety and stability of an apartment or condo.

Chef Bruno Serato commented, “It’s time to stop talking about it and do something about it.” He continued, “Thank you all so much for supporting Caterina’s Club, the children, and families we serve. This year’s gala wouldn’t be a success without grand supporters such as CommerceWest Bank. Thank you!”

Ivo A. Tjan, Chairman and CEO of CommerceWest Bank, stated, “A lot of families take for granted how meaningful it is to sit down and have a nightly dinner. It is disheartening to think of, especially when thousands of children in our community go to bed hungry, without an adequate roof over their head.” He continued, “We are excited to be able to help Chef Bruno Serato provide warm meals and affordable housing to underprivileged children and low-income families in our community.”

CommerceWest Bank is a California based full service commercial bank with a unique vision and culture of focusing exclusively on the business community. Founded in 2001 and headquartered in Irvine, California. The Bank serves businesses throughout the state with an emphasis on clients in Orange County, San Diego, Los Angeles, and Riverside Counties. We are a full service business bank and offer a wide range of commercial banking services, including concierge services, remote deposit solution, online banking, mobile banking, lines of credit, working capital loans, commercial real estate loans, SBA loans, and cash management services.

Mission Statement: CommerceWest Bank will create a complete banking experience for each client, catering to businesses and their specific banking needs, while accommodating our clients and providing them high-quality, low stress and personally tailored banking and financial services.

Please visit www.cwbk.com to learn more about the bank. “BANK ON THE DIFFERENCE”

Contacts

Ivo A. Tjan, Chairman and CEO

Work Phone: 949-474-5278 (Media Only)

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Business Wire

Cabinet painting is a cost-effective way to modernize the kitchen and increase property value.

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CALGARY, Alberta–(BUSINESS WIRE)–Kitchen renovations have one of the highest returns on investment compared to other home renovations. A modern, updated kitchen will add value to a property and make it more attractive to buyers. The largest financial component of a kitchen renovation is the cabinetry.

“Homeowners can experience huge savings on their kitchen renovation when they choose cabinet painting over a full cabinet replacement,” said Chris White of New Look Cabinets in Calgary. “Cabinet painting can make the kitchen look like new, at a fraction of the cost.”

The best advice is to hire Calgary cabinet painters for this project, but homeowners can attempt to DIY cabinet painting. Here are some instructions on how to paint kitchen cabinets.

  1. Choose paint: Choose a paint that will best adhere to your cabinet material and give lasting durability. You should also consider what paint colour will best suit your home’s overall design and your personal taste.
  2. Prepare the kitchen: Before starting, remove everything from the kitchen and cabinets that might get in the way.
  3. Remove cabinet doors, drawer fronts, and hardware: Take everything off the cabinet boxes and label it for easy reassembly.
  4. Clean and sand the surfaces: Wipe down all surfaces with a grease-removing cleaner. Then lightly sand all doors, drawer fronts and side panels. Remember to wipe off the dust afterwards.
  5. Prime and paint the cabinets: You can choose to paint them using a brush, compressor and paint gun, or have them painted by Calgary cabinet painters in a professional spray shop. Be sure to apply a primer and allow it to completely dry before putting on the top coat.

Homeowners should be aware that cabinet painting is a time consuming, detail-oriented job. If you are not comfortable with your ability, or you do not have enough time to complete the job properly, you should consider hiring professional cabinet painters.

“We have the experience, skills and equipment to get the job done efficiently and with seamless, professional results,” said White. “If you can’t commit the time, it is well worth the money to have your kitchen cabinets painted by a professional company.”

New Look Cabinets & Interiors is a RenovationFind Certified Painting Company in Calgary. They specialize in interior painting, as well as cabinet painting, cabinet refinishing and furniture refinishing. They offer superior workmanship, excellent customer service and are passionate about every project they work on. For more information, or for help with your next paint job, visit www.newlookcabinets.com.

Contacts

Chris White

403-719-7246

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