State Public Works Board of the
State of California Lease Revenue
Refunding Bonds 2017 Series B and C

California State Public Works Board

Support California firefighters and earn tax-exempt income! Proceeds of the bonds will fund projects including The California Department of Forestry and Fire Protection, the California Department of Veterans Affairs; and the California State Department of State Hospitals.


Issuance characteristics
  • Contains callable maturities
  • Federally tax exempt
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    The 2017B Bonds and the 2017C Bonds are being issued by the Board to, among other things, provide funds to refund and defease certain bonds previously issued by the Board to finance and refinance certain existing facilities as discussed further below. Because the Refinanced Facilities described in the following sections are already complete and occupied, Holders of the 2017B Bonds and the 2017C Bonds have no construction or completion risk associated with the respective Refinanced Facilities.

    The 2017B Refinanced Facilities

    The ten (10) facilities constituting the 2017B Refinanced Facilities and the applicable 2017B Participating Agency for each facility are as follows:

    Camarillo Satellite Facility (CCC), California Correctional Institution Wastewater Treatment Plant (CDCR), Chuckawalla Valley State Prison Heating, Ventilation, and Air Conditioning System (CDCR), Deuel Vocational Institution Wastewater Treatment Plant (CDCR), San Quentin State Prison Health Services Building (CDCR), Central Plant (DGS), Marysville Office Building (DGS), Metropolitan State Hospital New Main Kitchen (DSH), West Los Angeles Veterans Home (CalVet), Yountville Veterans Home Member Services Building (CalVet)

    The 2017C Refinanced Facilities

    The twenty-four (24) facilities constituting the 2017C Refinanced Facilities and the applicable 2017C Participating Agency for each facility are as follows:

    Altaville Forest Fire Station (CalFire), Bautista Conservation Camp-Modular Buildings (CalFire), Cuyamaca Forest Fire Station (CalFire), Mendocino Ranger Unit Headquarters Automotive Shop (CalFire), North Region Forest Fire Station Facilities (CalFire), Statewide Forest Fire Station Facilities (CalFire), Warner Springs Forest Fire Station (CalFire), California Medical Facility Vacaville Intermediate Care Facility (CDCR), California Institution for Women Chino Acute/Intermediate Care Facility (CDCR), Central California Women's Facility Enhanced Outpatient Program Treatment and Office Space (CDCR), California State Prison Lancaster Enhanced Outpatient Program Treatment and Office Space (CDCR), Susanville Courthouse (Judicial Council)

  • Obligor

    State Public Works Board of the State of California

  • Issuer

    State Public Works Board of the State of California

  • Security

    The 2017B Bonds and 2017C Bonds are separately issued and secured. The 2017B Bonds are secured under the 2017B Indenture which pertains exclusively to the 2017B Bonds and the remaining 2009G Bonds. The 2017C Bonds are secured under the 2017C Indenture, which pertains exclusively to the 2017C Bonds and the remaining 2010A Bonds. A Holder of the 2017B Bonds will have no claim on the revenues or funds securing the 2017C Bonds or any other series of bonds issued by the Board other than the remaining 2009G Bonds; a Holder of the 2017C Bonds will have no claim on the revenues or funds securing the 2017B Bonds or any other series of bonds issued by the Board other than the remaining 2010A Bonds, except, in each case, to the limited extent described under "SECURITY AND SOURCES OF PAYMENT FOR EACH SERIES OF BONDS - Master Indenture Reserve Fund" in the POS located in the documents tab.

    The Bonds of each Series are special obligations of the Board, payable solely from certain revenues and other moneys pledged under the Indenture for such Series. The Holders of a Series of Bonds will have no claim on the revenues or funds securing the other Series of Bonds or any other lease revenue bonds of the Board, except to the extent described herein.

  • Trustee

    California State Treasurer

  • Special attributes

    Expected Closing/Settlement Date: April 20, 2017

    First Coupon Payment Date: October 1, 2017

    Interest paid semiannually on April 1 and October 1 of each year

  • Sale conditions

    Expected Retail Order Period: April 5, 2017 from 7:30am to 5:00pm PT

    Expected Institutional Order Period: April 6, 2017 from 6:30am to 9:30pm PT

    For institutional orders, please email support@neighborly.com or call us at 866-432-1170.

    The State's intention is to have the Bonds placed, without further sale, with retail buyers. A Retail Order is defined as an order placed for an account of an individual, or a bank trust, investment advisor or money manager acting on behalf of an individual, with a maximum of $1,000,000 per account. Orders in excess of $1,000,000 may be submitted but will be subject to the discretion of and verification by the State Treasurer's Office (STO) and Joint Senior Managers.

    The investor's zip code must be included with all Retail Orders submitted.

About the issuer

Contact information
Address
915 L Street 9th Floor Sacramento CA 95814
Website

Ratings

Ratings

A+

S&P

A1

Moody's

A+

Fitch

Financing team

Neighborly Securities
Neighborly is a co-manager on this issuance.