$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 $1.895 billion revenue bonds issued by the California Statewide Communities Development Authority (“California Communities”). In 2009, the State of California faced substantial budget shortfalls, which caused it to invoke the emergency provisions of Proposition 1A by withholding 8% of property taxable payable to counties, cities and special districts. As a condition of the withholding, legislation was passed providing these local agencies with a securitization option through California Communities, whereby local government agencies could issue bonds secured by the receivables payable to them by the State.

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. Primarily due to credit issues facing the State, the market environment at the time of pricing was difficult for all California issuers. However, the three-year California Communities’ bonds were successfully placed with permanent investors.