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GENERAL POLICIES

Public Benefits

Each project to be financed must demonstrate tangible public benefits to the community in which it resides. For more information of public benefits, please visit the respective program links.

Bond Counsel

CSCDA shall reserve the right to select bond counsel for the financing. In the event the applicant wishes to select its own bond counsel (subject to CSCDA approval) the applicant shall pay any additional costs associated with separate Authority counsel.

In most cases, the Authority uses Orrick, Herrington and Sutcliffe as Issuer's Counsel. If the borrower chooses to use a bond counsel other than Orrick, a fee of $7,500 will apply. There are some limited instances where the fee will be higher depending on the complexity of the financing.

Internal Review

CSCDA shall use its Executive Director and Program Manager to review the proposed bond financing to ensure it meets all applicable Authority policies and procedures. The Executive Director and Program Manager may also conduct a site visit and meet with the borrower prior to final Authority consideration. No additional fee beyond the Authority fee is charged for this review.

Finance Team Approval/Independent Study

The Authority shall approve each Finance Team member proposed by the borrower and reserves right to require an independent study of the project.

Indemnity

The borrower shall be required to provide indemnification to the Authority, its members, officers, agents, program managers and employees for all costs, expenses and attorney fees, as well as any claim, judgment or settlement costs arising out of or involved in the financing, or in any documentation related thereto.

Minority and Women Owned Participation

The Authority encourages minority and women-owned business participation in all aspects of a financing including legal, trustee and underwriting services. The Authority encourages all senior underwriters to provide the opportunity for minority and women-owned underwriting firms to sell a portion of the bonds. Selection of minority and women-owned underwriting firms shall be left to the senior managing underwriter.

Issuance Policy

Please review the Authority's Issuance/Financing Policy for further information.

Conflict of Interest

Please review the Authority's Conflict of Interest Code for further information.

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California State Association of Counties   League of California Cities