Financing Types
Overview
Below are descriptions of the principal types of bonds and other debt issues in which we participate. When the need arises, we work closely with our clients to develop new legal structures and financing types that meet their goals.
General Obligation Bonds
Bonds issued by cities, counties, school districts and other local agencies following voter approval, which are supported by an ad valorem property tax override.
General Fund Bonds and Certificates of Participation
Bonds or certificates of participation that use a lease/leaseback arrangement with a joint powers authority or nonprofit financing corporation, supported by general fund revenues of the issuer.
Short-Term General Fund Obligations
Tax and Revenue Anticipation Notes (TRANs) and other short-term general fund debt.
Redevelopment
Tax allocation bonds or tax increment bonds issued by redevelopment agencies, which are supported by tax increment allocated to the redevelopment agencies.
Utility Revenue Bonds and Certificate of Participation
Bonds or certificates of participation supported by rate-based utility revenues, which are generated by municipal water, wastewater, solid waste, electricity and storm-water enterprises.
Other Governmental Revenue Bonds
Bonds or certificates of participation supported by transient occupancy tax revenues, parking meter revenues, sales tax revenues, and other local revenue sources.
Pension Obligation and Other Post-Employment Benefit Bonds
Taxable bonds issued to refund future pension obligations or other post-employment benefits (OPEBs).
Mello-Roos Special Tax Bonds
Bonds issued under the Mello-Roos Community Facilities Act of 1982, which allows a local agency to create a special district known as a Community Facilities District and to issue bonds supported by special taxes levied on property within the Community Facilities District.
Limited Obligation Assessment Bonds
Bonds issued under the Improvement Bond Act of 1915, which are supported by special assessments levied under the Municipal Improvement Act of 1913 or the Improvement Act of 1911.
501(c)(3) Bonds
Private activity bonds issued by a conduit municipal issuer -- typically a regional or statewide joint powers authority -- and supported by loan repayments made by a nonprofit corporation recognized under Section 501(c)(3) of the Internal Revenue Code.
Multifamily Housing Bonds
Private activity bonds issued by cities, counties, redevelopment agencies, housing authorities or joint powers authorities to finance housing developments occupied in whole or in part by low- and very low-income tenants.
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