FOR IMMEDIATE RELEASE
The California Infrastructure and Economic Development Bank (IBank) Board of Directors approved two resolutions presented during Wednesday’s Board meeting for bonds that would support IBank financing programs and bonds for a charter school organization.
The Board approved a request by Wonderful Foundations for a conduit tax-exempt and/or taxable fixed rate bonds not to exceed $100,000,000 to acquire facilities that currently house public charter schools in Contra Costa, Los Angeles and San Bernardino Counties. The Borrower’s goal is to purchase the facilities and charge a more stable rental fee, eliminating escalating rental increases so the schools can focus on their primary educational missions.
Wonderful Foundations plans to gift the facilities to the schools once the bonds have been repaid.
The Board also approved a bond request by IBank’s staff to issue fixed-rate taxable and tax-exempt Infrastructure State Revolving Fund Revenue Bonds not to exceed $420,000,000. Issuing the bonds will enhance IBank’s ability to continue to provide low-cost, long-term financing to eligible borrowers for a variety of infrastructure and economic expansion projects throughout the state.
“We aim to proceed with issuing ISRF bonds that will not only take advantage of lower rates and therefore save money, but will expand our ability to help more borrowers throughout the state of California,” Executive Director Scott Wu said. “This is especially important as we look forward to helping California find a way forward out of the economic hardship caused by the COVID-19 pandemic so we can return to a period of strong economic growth.”
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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