California State Public Works Lease
Revenue Refunding Bonds

State Public Works Board Of The State Of California

The California State Public Works Board is refunding previously issued bonds supporting historic and other public buildings. This project makes it possible to invest in the financing of critical libraries, fire stations and water infrastructure for the State of California.


Issuance characteristics
  • Not callable
  • Limited obligation
  • Federally tax exempt (AMT may apply)
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    The 2016C Bonds are being issued by the Board to provide funds that will be used, together with other lawfully available moneys, (i) to establish an irrevocable escrow to refund and defease a portion of the Board's outstanding Lease Revenue Bonds 2009 Series I (Various Capital Projects) (the "2009I Bonds" and, as refunded, the "Refunded 2009I Bonds"), and (ii) to pay the costs of issuance of the 2016C Bonds. See "THE REFINANCED FACILITIES-The 2016C Refinanced Facilities" and APPENDIX B-1 for more detailed information concerning the 2016C Refinanced Facilities. The 2016C Bonds will be designated as a Related Series of Bonds to the remaining 2009I Bonds.

    The 2016D Bonds are being issued by the Board to provide funds that will be used, together with other lawfully available moneys, (i) to establish irrevocable escrows to refund and defease all of the Board's outstanding (a) Lease Revenue Bonds (Department of General Services) 2009 Series A (Office Buildings 8 and 9 Renovation) (the "2009A Bonds" and, as refunded, the "Refunded 2009A Bonds") and (b) Lease Revenue Bonds (Department of Developmental Services) 2009 Series C (Porterville Developmental Center Housing Expansion and Recreation Complex) (the "2009C Bonds" and, as refunded, the "Refunded 2009C Bonds"), and (ii) to pay the costs of issuance of the 2016D Bonds. See "THE REFINANCED FACILITIES-The 2016D Refinanced Facilities" and APPENDIX B-2 for more detailed information concerning the 2016D Refinanced Facilities.

  • Obligor

    State of California Public Works Master Indenture Reserve Fund

  • Issuer

    The California State Public Works Board was created in 1946 as an entity of state government upon enactment by the State Legislature in its 1946 First Extraordinary Session of Chapter 145 of the Statutes of 1946, commencing at section 15752 of the Government Code. The Board is empowered to, among other things, acquire, construct, improve, equip, maintain, operate and lease public buildings and related facilities for the use of state agencies. The acquisition and construction of public buildings by the Board is subject to authorization by the State Legislature through a separate act or appropriation. Pursuant to the Act, the Board is empowered to issue revenue obligations to finance and refinance the cost of its projects which have been authorized by the State Legislature. The Board has no power at any time or in any manner to pledge the credit or taxing power of the state or any of its agencies for the payment of principal of, redemption premium, if any, or interest on its obligations.

    The Board consists of the Director of the Department of Finance, the Director of the Department of Transportation and the Director of the Department of General Services. In addition, for the purpose of hearing and deciding upon matters relating to the issuance of revenue obligations pursuant to the Act, the State Treasurer and the State Controller are members of the Board.

    The Board, pursuant to statute, is the principal entity for the approval and oversight of most major capital outlay projects of the state, other than state highway projects. The Board has responsibility for approval of the preliminary plans for state public works projects, including hospitals, prisons, office buildings and university and community college facilities, for the purpose of ensuring that the plans reflect both the legislatively approved scope of the project and the statutory limitation on authorized construction costs.

  • Authority

    The California State Public Works Board was created in 1946 as an entity of state government upon enactment by the State Legislature in its 1946 First Extraordinary Session of Chapter 145 of the Statutes of 1946, commencing at section 15752 of the Government Code.

    Pursuant to the Act, the Board is empowered to issue revenue obligations to finance and refinance the cost of its projects which have been authorized by the State Legislature. The Board has no power at any time or in any manner to pledge the credit or taxing power of the state or any of its agencies for the payment of principal of, redemption premium, if any, or interest on its obligations.

    As of September 1, 2016, the State Legislature had authorized the issuance of $3,597,257,149 aggregate principal amount of lease revenue bonds by the Board that are currently unissued.

  • Security

    The Bonds are secured by an equal pledge on the Master Indenture Reserve Fund, along with all other Master Indenture Bonds and Incorporated Bonds Outstanding. A payment default on any Series of Master Indenture Bonds or any Series of Incorporated Bonds will not cause a default on any other Series of Master Indenture Bonds or any other Series of Incorporated Bonds.

  • Trustee

    Treasurer of the State of California

About the issuer

Contact information
Website

Ratings

Ratings

A+

S&P

A1

Moody's

A+

Fitch

Financing team

Neighborly Securities
Neighborly is a unknown on this issuance.
Underwriters
Bond Counsel