Nov. 10 -- Today, the California Statewide Communities Development Authority (CSCDA) and the Proposition 1A Securitization Program Team announced that a total $1.895 billion in Proposition 1A Securitization bonds have been sold.
The bonds were offered yesterday and today to retail and institutional investors at a 4% interest rate. A total of 1,457 local agencies participated. When property taxes are transferred to the State Revenue Augmentation Fund in January and May 2010, an immediate transfer of funds from the bond sale will be made to each local agency, meaning they will receive 100% of their Proposition 1A receivable.
It is difficult to describe the magnitude and complexity of this transaction. The significant efforts involved in ensuring the appropriate construction, communication, and coordination of preparing this bond sale have been nothing short of awesome. Imagine the time and energy involved in 1,457 separate receivable sales put together into a single bond in a six-week period! The financing team, CSCDA, the State Treasurer's Office, and Department of Finance have accomplished a feat like no other and we are grateful for their tireless efforts.
Working together, we have achieved an important task for California's counties, cities, and special districts. Furthermore, through the cooperation of the State Treasurer's Office and Department of Finance, and the clean-up legislation adopted in October, we were able to structure this program in a manner that saved the State of California $200 million in interest costs.
WASHINGTON, D.C. -- The National Association of Counties' (NACo) President Valerie Brown is calling on all counties to begin planning immediately for National County Government Month. The theme for National County Government Month to be celebrated throughout the month of April 2010, is "Healthy Counties."
"County governments are integral to America's health system and provide many essential services for their residents," said Brown, a Sonoma County supevisor. "I know counties are most proud of their healthcare services and healthy living programs. That's why the theme for National County Government Month is Healthy Counties."
Since 1991, NACo has encouraged counties to actively promote county government programs and services. Formerly National County Government Week, the designation was expanded to a full month to offer counties more opportunities to plan and participate. Counties aren't expected to hold public awareness activities throughout the month, but can schedule activities any time during the month.
Brown urged county leaders to hold open houses or public tours of county facilities, visit local schools and business groups to discuss available county services, and highlight exceptional services and programs.