Summary:
Pooled Funding Program Established for Local Agencies
From Whom Property Taxes Were Borrowed by the State
As anticipated, the California Statewide Communities Development Authority
(CSCDA) is proceeding with the establishment of a pooled financing program
(the "Proposition 1A Securitization Program") for the securitization
of State reimbursement obligations to local agencies (cities, counties and
special districts) from whom property tax revenues are being "borrowed"
by the State as part of it's 2009-2010 budget package. As with the similar
2005 CSCDA program respecting the State's borrowing of VLF moneys from local
agencies, participants in this program will be able to receive a significant
percentage of the property tax revenues in question (net of pro-rata program
costs) from proceeds of sale of CSCDA bonds which will be repaid by the State
reimbursement.
In discussion with CSCDA staff, Meyers Nave is advised that, assuming
timely resolution of some issues with the legislation which implements the State's
budget package, the tentative program schedule calls for October adoption of
an authorizing resolution by the legislative body of each participating local
agency and bond issuance in November, with disbursement of funds to participants
soon after issuance.
Please click here
to find preliminary information respecting the program, together with contact
information for CSCDA staff who may be contacted for further program information.
From this website, you can access the link set forth in the preliminary information
which provides access to the "Request for Information Form." If you
may be interested in participating in the program, you can complete and submit
the form online. As stated on the form, submission of the completed form does
not commit you to participation, but it will assure you of receipt of more complete
information as the program moves forward.
Please contact Sam Sperry
or Chip Eady at 800.464.3359 if you
have immediate questions about this program. We will provide additional information
once the program details are finalized.
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