University of California president will depart

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University of California President Janet Napolitano tendered her resignation at Wednesday's Board of Regents meeting, effective Aug. 1, 2020.

"We have new regents on UC's governing board, a new governor in Sacramento, and a presidential election on the horizon," Napolitano said in a statement. "With many of my top priorities accomplished and the university on a strong path forward, I feel it's the ideal time for a leadership transition -- and infusion of new energy and fresh ideas at the university.

The university system, which comprises 10 campuses, five academic medical centers and three nationally affiliated labs, is one of California's largest bond issuers.

Before being named as the first women to head the UC system in 2013, Napolitan was secretary of the U.S. Department of Homeland Security from 2009 to 2013. She also served as governor of Arizona from 2003 to 2009 and as attorney general of Arizona from 1998 to 2003.

"My time at UC has been deeply gratifying and rewarding," Napolitano said. "The decision was tough, and this moment is bittersweet, but the time is right."

UC issued $654 million in taxable and tax exempt revenue bonds March 11 to provide funding for 14 projects across the system and to take out taxable notes. It has plans to issue another $2 billion over the next several years to support capital projects, according to a Fitch Ratings report issued around that time.

It holds ratings of Aa2 from Moody's Investors Service and AA from Fitch and S&P Global Ratings.

The Board of Regents plans to appoint a committee to start a national search for the next president of the university.

After she steps down, Napolitano plans to take time off before teaching at Goldman School of Public Policy at UC Berkeley where is currently a tenured professor, according to the statement announcing her decision.

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Higher education bonds Regents of The University of California California