Los Angeles Wastewater System
Subordinate Revenue Bonds
Series 2010-A

Los Angeles Wastewater System

Invest in the Los Angeles water system today. The water system is refinancing a portion of its outstanding bonds issued in 1998 and 2002 to reduce its ongoing debt service costs. Proceeds from the original issue were used to finance the construction and improvement of the wastewater collection and treatment system.


Issuance characteristics
  • Refunding
  • Not callable
  • Federally tax exempt
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    The proceeds of the Series 2010 Subordinate Bonds, together with certain other amounts described herein, will be used to (i) refund a portion of the Outstanding CP Notes, certain outstanding Senior Lien Bonds (the "Refunded Senior Lien Bonds"), and certain outstanding Subordinate Bonds (the "Refunded Subordinate Bonds," and together with the Refunded Senior Lien Bonds, the "Refunded Bonds"), and (iii) pay certain costs of issuing the Series 2010 Subordinate Bonds.

  • Obligor

    Los Angeles California Wastewater System

  • Issuer

    Los Angeles California Wastewater System

  • Authority

    The City of Los Angeles Wastewater System Subordinate Revenue Bonds, Series 2010-A (Tax-Exempt) are being issued by the City of Los Angeles (the "City") pursuant to the Charter of the City of Los Angeles (the "City Charter"), California Government Code Sections 54300 et seq. (as amended, the "Revenue Bond Law") and California Government Code Sections 53570 et seq. (as amended, the "Refunding Law"). The Series 2010 Senior Lien Bonds are issued pursuant to the Wastewater System Revenue Bonds General Resolution, adopted by the Council of the City (the "City Council") on November 10, 1987 (as amended and supplemented, the "General Resolution"), including as amended and supplemented by the Twenty-Fifth Supplemental Resolution, adopted by the City Council on October 1, 2010 (the "Twenty-Fifth Supplemental Resolution") pertaining to the Series 2010 Senior Lien Bonds. The Series 2010 Subordinate Bonds are issued pursuant to the Wastewater System Subordinate Revenue Bonds General Resolution, adopted by the City Council on March 26, 1991 (as amended and supplemented, the "SubordinateGeneral Resolution" and together with the General Resolution, the "Resolutions"), including as amended and supplemented by the Twelfth Supplemental Resolution, adopted by the City Council on October 1, 2010 (the "Twelfth Supplemental Resolution") pertaining to the Series 2010 Subordinate Bonds.

  • Security

    The Series 2010 Subordinate Bonds, the Existing Subordinate Bonds, and any bonds issued in the future under the Subordinate General Resolution (collectively, the "Subordinate Bonds") are secured by a pledge of and second lien on the Revenues, on abasis subordinate to the pledge of and lien on Revenues to the Senior Lien Bonds. The pledge, assignmentand lien on the Revenues granted to secure the Senior Lien Bonds is, in all respects, prior to the pledge, assignment and lien granted by the Subordinate General Resolution for the benefit of the Subordinate Bonds. The Revenues, including Revenues held in the SCM Fund and the earnings on such Revenues, will be used first to pay the Senior Lien Bonds as the same become due, and to make current deposits into the funds held pursuant to the General Resolution before such Revenues will be available for deposit into the funds and accounts held under the Subordinate General Resolution for the benefit of the Subordinate Bonds. The Series 2010 Subordinate Bonds are also secured by a pledge and lien on the 2010 Subordinate Debt Service Fund created pursuant to the Twelfth Supplemental Resolution. See "Security and Sources of Payment for the Series 2010 Bonds" herein. No reserve fund is established for payment of the Series 2010 Subordinate Bonds.

Ratings

Ratings

AA

S&P

Aa3

Moody's

AA

Fitch

Financing team

Neighborly Securities
Neighborly is a market participant on this issuance.