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League-Sponsored Bond Agency Issues $117 Million in Tax-Exempt Bonds for San Francisco Museum and California Baptist University in Riverside

September 29, 2017
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 a total of $117,365,000 in tax-exempt bonds for the San Francisco Museum of Modern Art (SFMOMA) and the California Baptist University in Riverside.
 
About California Baptist University
 
California Baptist University is a California nonprofit corporation organized to operate a private, accredited Christian university offering liberal arts undergraduate and graduate degrees. The university has 9,000 students currently enrolled in both undergraduate and graduate programs.
 
CSCDA partnered with D.A. Davidson and Squire Patton Boggs to provide $102,365,000 in tax-exempt bonds for the university. The bonds will be used to refinance CSCDA’s previously issued Series 2007A, 2007B and 2011A bonds, providing net present value savings of more than $8,700,000.
 
About SFMOMA
 
SFMOMA was the first museum on the West Coast devoted solely to modern and contemporary art. It opened on Jan. 18, 1935, under the direction of Grace McCann Morley. SFMOMA is dedicated to making the art for our time a vital and meaningful part of public life. For that reason, SFMOMA assembles unparalleled collections, creates exhilarating exhibitions, and develops engaging public programs. In all of these endeavors, SFMOMA is guided by an enduring commitment to fostering creativity and embracing new ways of seeing the world.
 
CSCDA partnered with Bank of America and Hawkins, Delafield & Wood, LLP to provide the $15 million in tax-exempt bonds for SFMOMA. The bonds will be used to finance a new parking garage and make other capital improvements to its museum facilities.
 
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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