California Statewide Communities Development Authority (CSCDA) creates innovative, low-cost, pooled finance programs to respond to the fiscal needs of city and county participants. The program is designed to address short-term borrowing needs, budget shortfalls, and provide access to capital for critical infrastructure improvements. City and county participants control all private activity bond issues through required local public hearings.
This program offers tax-exempt lease financing to public agencies for capital projects, and equipment without the traditional expense or complexity of other finance mechanisms.
CSCDA offers a pooled securitization program, assisting local agencies in bonding against future payments, allowing them to fund projects today. Borrowers will benefit from reduced issuance costs and better interest rates. The program does not require a pledge of the local agency’s General Fund.
California Statewide Communities Development Authority (CSCDA) would like to invite local agencies to submit applications for the newly updated Water and Wastewater Bond Program (WWBP). As with CSCDA Public Agency programs, local agencies can benefit from lower costs and ease of execution in funding water and sewer projects through WWBP. Further, the pooled issues will be insured by Build America Mutual and will utilize a surety reserve in lieu of funding with cash.
CSCDA has issued nearly $500,000,000 of bonds through its water and sewer program, and has assisted 41 local agencies. Projects funded range from $800,000 to $45,000,000. Under the new program, projects can be pooled or issued on a stand-alone basis depending on size, credit and an optimal funding plan.
The program is an innovative pooled financing program that assists California public agencies with issuing voter-approved general obligation bonds.