City of Los Angeles General
Obligation Bonds Series 2017-A (Taxable)

Los Angeles / State of California

Invest in addressing homelessness and earn interest! The proceeds of the Bonds will be used to finance certain projects for providing affordable housing for the homeless and for those in danger of becoming homeless. Please note that Series A bonds are taxable


Issuance characteristics
  • Contains callable maturities
  • Taxable
  • General Obligation
  • Competitive sale

About this bond issuance

  • Purpose

    Proceeds will be used to finance certain projects for providing safe, clean affordable housing for the homeless and for those in danger of becoming homeless, such as battered women and their children, veterans, seniors, foster youth, and the disabled; and provide facilities to increase access to mental health care, drug and alcohol treatment, and other services pursuant to the Proposition HHH Authorization described in the Preliminary Offering Statement. In addition, the proceeds will be used to refund certain outstanding general obligations of the City for debt service savings, and to pay the costs of issuance in connection with the Series-A Bonds.

  • Obligor

    The City of Los Angeles

  • Issuer

    The City of Los Angeles

  • Authority

    These Bonds are Issued pursuant to the provisions of (i) Article 4.5 of Chapter 3 of Part  1  of  Division  2  of  Title  5  of  the  Government  Code  (commencing  with  Section  53506),  as  amended, (ii)  Section 101 and Section 361 of the Charter of the City, as amended and supplemented, (iii) Articles 4 and 5 of Chapter 1 of Division 11 of the Los Angeles Administrative Code, as amended and supplemented, and as in effect on the date the Bonds are issued, (iv) Article XIIIA of the California Constitution, as amended, and (v) a  resolution  of  the  City  Council  adopted  on  June  9,  2017  authorizing  the  issuance  of  the  Bonds  (the "Resolution").  The Series 2017-A Bonds are also issued pursuant to the provisions of Chapter 11, Division 6, of Title 1 of the Government Code (commencing with Section 5900), as amended.  The Series 2017-B Bonds are also issued pursuant to the provisions of Articles 9 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code  (commencing with Sections 53550 and 53580, respectively), as amended.

  • Security

    Pursuant to Section 53515 of the California Government Code (which became effective on January 1, 2016, as part of Senate Bill 222), all general obligation bonds issued by local agencies will be secured by a statutory  lien  on  all  revenues  received  pursuant  to  the  levy  and  collection  of  the  tax.  Pursuant  to  the Resolution, the City has covenanted to levy an ad valorem property tax in each Fiscal Year in accordance with applicable law to pay the principal of, redemption premium (if any) and interest on the Bonds due and payable, either at maturity or by mandatory sinking fund redemption, in the next succeeding Bond Year (as defined in the Resolution.)  The City has also irrevocably pledged the ad valorem taxes levied and collected pursuant to the  Resolution  for  the payment  of  the principal of  and  interest  on the  Bonds  when and as the  same  shall become due. For more information, including defined terms and information on the risks of investing in fixed-income securities, please review the POS in the Documents tab.

  • Trustee

    The Office of the City Treasurer of the City of Los Angeles or a successor paying agent as appointed by the City.

  • Special attributes

    Certain  of  the  Bonds  are  subject  to  optional  and/or  mandatory  sinking  fund  redemption  prior  to  their  scheduled  maturity  dates.  Please see the POS in the Documents tab for details.

  • Sale conditions

    The Bonds will be issued via competitive sale.

About the issuer

Contact information
Website

Ratings

Issuance credit ratings

AA

S&P

Aa2

Moody's

AA-

Fitch

Financing team

Neighborly Securities
Neighborly is a co-manager on this issuance.
Municipal Advisors
Public Resources Advisory Group and Omnicap Group LLC, Inc.
Bond Counsel
Nixon Peabody LLP