SACRAMENTO – The California Infrastructure and Economic Development Bank (IBank) announced today the sale of $100 million in 501(c)(3) revenue bonds for the benefit of the Academy Museum Foundation. The proceeds of the bonds will help finance the construction, renovation, retrofitting and improvement of the Academy Museum of Motion Pictures in Los Angeles.
The Museum Foundation is a non-profit organization incorporated for the purpose of owning and operating a museum dedicated to the arts and sciences of motion pictures. The Museum Foundation plans to present exhibitions and programs devoted to the history and future of the motion picture industry. The museum will feature educational programming, screenings, panel discussions, displays of memorabilia, immersive gallery experiences and more to highlight the culture of movies.
The bond proceeds will provide the additional funding necessary to complete the construction of a portion of the Academy Museum to be located on Wilshire Boulevard. The museum opening is scheduled for December.
“The response to the sale of the bond is overwhelming and just shows the appetite for supporting this kind of infrastructure,” IBank Executive Director Scott Wu said. “The video of the museum and its progress presented during the Oscars recently just added to the excitement of being involved with this project.”
The State Treasurer’s Office is IBank’s agent for sale of the revenue bonds on behalf of the Academy Museum Foundation. The underwriter on the sale was Wells Fargo Bank, National Association. The bonds are rated Aa2 by Moody’s Investors Service. The bonds have a 2030 final maturity.
About the California Infrastructure and Economic Development Bank
IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member Board of Directors. IBank has broad authority to issue tax-exempt and taxable revenue bonds, provide financing to public agencies, provide credit enhancements, acquire or lease facilities, leverage State and Federal funds and provide loan guarantees and other credit enhancements to small businesses. Find more information on our website.
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