Greetings!
Our team at ICFA hopes your year is off to a good start. Today, we come to you with an update about a fellow esteemed member, the City of Compton.
 
For several years, Compton faced $80 million in street infrastructure needs, outpacing the City’s annual Local Return Funds revenue of $4.9 million. To address its mounting infrastructure needs, Compton sought a financing solution with the help of a finance team:

  • Issuer - Independent Cities Finance Authority
  • Municipal Advisor - Willdan Financial Services
  • Underwriter - Raymond James
  • Co-Bond & Co-Disclosure Counsel - Butler Snow & Stradling Yocca Carlson Rauth

After just two City Council meetings and one ICFA Board meeting in December 2020, Compton moved into pricing and closing for Sales Tax Revenue Bonds in March 2021. By March 17, the City had $35 million in bond proceeds to address a substantial portion of street projects.
 
On behalf of the City of Compton, ICFA issued the Sales Tax Revenue Bonds, which leveraged a portion of its existing METRO Local Return Funds and did not raise or create new sales or property taxes. The annual debt service will be paid from Measure M, Measure R, and Proposition C receipts. The City will have excess revenue for ongoing pay-as-you-go improvements.

It's successes like these that we continue to pursue for ICFA members.

If you have any questions and/or would like more information, please contact ICFA Executive Director Debbie Smith at Debbie@ICFAuthority.org or 877-906-0941.

We hope to serve you soon.
Sincerely,
President
ICFA
ICFA provides local government, nonprofits and other agencies the clout they need to finance important projects throughout California.
STAY CONNECTED
PROGRAM SPOTLIGHT
Measure M provides millions of dollars to Los Angeles County cities seeking to ease traffic congestion and reduce accidents through public works.

Measure M funds will be paid out for years, but cities who want to access the revenue up front can obtain them through ICFA’s accelerated program, the M Local Express.

This email is intended for associates of ICFA member cities.
Membership information can be found on the ICFA website.