$1,895,000,000
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY REVENUE BONDS
(STATE OF CALIFORNIA PROPOSITION 1A RECEIVABLES PROGRAM)
SERIES 2009

Greencoast served as Program Consultant in connection with these three-year bonds issued by the California Statewide Communities Development Authority (“California Communities”). Under the emergency provisions of Proposition 1A, the State of California exercised its right to withhold 8% of property taxes payable to Counties, Cities and Special Districts due to the substantial budget shortfalls facing the State. As a condition of the withholding, legislation was passed providing these local agencies with a securitization option through California Communities. The bonds are secured by the receivables payable by the State of California to the local agencies.

The program consisted of 1,271 local agencies and 540 components, totaling over $1.890 billion in receivables. Ninety five percent of all eligible agencies participated in the securitization program. Greencoast was responsible for development and coordination of local agency outreach efforts and enrollments and compilation of the receivable amounts due all 1,811 participating local agencies.

The transaction received credit ratings of Baa1/A/BBB by Moody’s, Standard & Poor’s and Fitch, respectively. The transaction priced on November 10, 2009, in a difficult market given the credit of the State and the position on the yield curve of the single bullet maturity on June 15, 2013. The transaction was successfully received in the market with a 4% yield.

NOTE PARTICIPATIONS, Series 2009 A-2, A-3, A-4, A-5, A-6, A-7 and Series 2009 B

Greencoast served as Program Consultant in connection with the California Statewide Communities Development Authority (“California Communities”) 2009 Tax and Revenue Anticipation Note Program. Greencoast personnel have served California Communities since 1993 on the Note Program. In 2009, seven California local governments issued Notes through the Program in seven separate series. The seven series were priced over a three month period in an extremely volatile short term market that was exacerbated by the 2009-10 California state budget crisis. A summary of the pricing and chart demonstrating the volatility of the 2009 California Note market are provided below.

$112,260,000
County of San Diego and San Diego County School Districts
Tax and Revenue Anticipation Note Program
Note Participations, Series 2009 B-1 and Series 2009 B-2
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Greencoast served as financial advisor for the San Diego County School Districts $112.26 million Tax and Revenue Anticipation Note (“TRANs”) Program. Greencoast personnel have served San Diego Schools with TRANs financings since 1987. Representing 17 School Districts within San Diego County, Greencoast developed new detailed cash flow models and secured high investment grade credit ratings for each District.

This deal priced in an extremely difficult credit market due to the severe budgetary shortfalls facing the State of California. During the credit rating process, the Governor simultaneously issued two May Revisions to the January State Budget and a third revision in June, 2009. In addition, the California Legislative Analyst’s Office (“LAO”) issued a report detailing the likelihood of additional cuts in State Aid to K-14 School Districts as well as additional deferrals in State monies. With each revision regarding anticipated reductions in State Aid for School Districts, Greencoast worked with the San Diego Office of Education and the individual School Districts to revise their cash flow models to reflect the best estimate of cash flow for the 2010 fiscal year. Notwithstanding the financial difficulties facing California School Districts, Greencoast was able to secure Standard and Poor’s short-term ratings of SP-1+ for 11 of the School Districts and SP-1 for the remaining 6 School Districts.

The School District issuance was bifurcated and then pooled into 2 sub-series, based on the credit ratings of the Districts. The transaction priced on June 16, 2009 during a tight credit market for California notes and closed July 1, 2009.