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League-Sponsored Bond Agency Issues $6.85 Million in Tax-Exempt Bonds in Los Angeles

December 16, 2016
Some of the most significant benefits of League membership for cities since 1988 have flowed from the League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA).
 
This program provides a variety of public agencies and developers access to low-cost, tax-exempt financing and economic development tools. CSCDA recently issued $6,850,000 in tax-exempt bonds for Discovery Charter Preparatory School (Discovery Prep) located in the Pacoima area of Los Angeles.
 
About Discovery Prep
 
Discovery Prep is an independent charter school, chartered in 2002 by the Los Angeles Unified School District. Discovery Prep has an anticipated enrollment of 280 students in grades 9‐12 for the upcoming 2016-17 school year. WASC accredited, the school serves students from an economically challenged background. Many students entering Discovery Prep have academic skills below their grade level, however, the school’s academic results and graduation rates far exceed their immediate competition. Of the 59 students in the 2015‐16 graduating class, for example, 31 are expected to matriculate to four-year universities.
 
CSCDA partnered with the investment bank Ziegler to provide the $6.85 million in tax-exempt bonds for Discovery Prep. The bonds will be used to acquire new educational facilities located on 3.8 acres and comprised of 28,000 square feet of classroom space in the nearby Los Angeles area of Sylmar.
 
Background
 
CSCDA is a joint powers authority created in 1988 and is sponsored by the League of California Cities® and the California State Association of Counties. It was created by cities and counties for cities and counties. More than 500 cities, counties and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently finance locally-approved projects. CSCDA has issued more than $50 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services. Visit CSCDA’s website for additional information on the ways in which CSCDA can help your city.


 
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