About this bond issuance
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)
ObligorThe obligor is the organization that holds ultimate responsibility for the bond issuance, and will ensure that investors get repaid.
State Public Works Board of the State of California
IssuerOften the obligor. However, sometimes issuers partner with an authorized conduit financing non-profit within their state or city to issue the bonds.
State Public Works Board of the State of California
SecurityThe security section is a breakdown of the funds an issuer is planning to use to repay its investors. This repayment can come from a variety of sources, including local taxes.
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.
TrusteeThe trustee is a third-party, often a large bank or financial institution, responsible for all payment flows between an issuer and an investor. This trustee is in charge of processing coupon payments.
California State Treasurer
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
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 email@example.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.