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Public Agency Programs
Overview
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.
CSCDA offers the following Public Agency Programs:
Total Road Improvement Program (TRIP)
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
TRIP
Total Road Improvement Program (TRIP)
According to the “California Statewide Local Streets and Roads Needs Assessment” Report, local agencies are currently facing a $73 billion street funding shortfall. The Total Road Improvement Program (“TRIP”) is a financing program that helps local agencies to “catch up” with their street repairs/transit projects by funding more projects upfront. Through TRIP, local agencies borrow against their future local transportation sales tax revenues (counties with a dedicated, voter-approved, local transportation tax) at low interest rates for up to 30 years.
Program Highlights
- No General Fund Exposure
- No Voter Approval Required
- No Leased Assets Required
- Flexible Financing Terms
- Potential for Economies of Scale
Proven Program
- 15 Cities throughout California
- Over $300M of Projects Funded
For more information, please contact us.
POBs
CSCDA issued pooled Pension Obligation Bonds (POBs) in 2006 and 2007 for several California cities and counties. The issuance of POBs typically occurs in low interest rate environments. As a matter of policy, CSCDA has determined that it will not issue POBs as a method of refinancing unfunded pension liabilities at the present time. The following are resources CSCDA members can review to make their own determinations regarding the issuance of POBs:
