Byron, CA (August 12, 2020) – In a collaborative effort to help public agencies, cities and counties secure funding for public purpose projects, the Byron-Bethany Irrigation District (BBID) has partnered to launch the California Municipal Public Financing Authority (CalMuni PFA or Authority).
The CalMuni PFA was established to issue tax-exempt and taxable conduit revenue bonds. The Authority will help lower costs and streamline the execution of critical infrastructure projects, bolstering water efficiency and reliability across California. BBID is one of two charter members of the newly formed Joint Powers Authority (JPA), which held its inaugural Board meeting last Tuesday.
“With the formation of the CalMuni PFA, special districts, cities and counties now have easier access to critically important, cost-effective funding mechanisms that will help support water reliability and resilience,” said BBID General Manager Rick Gilmore.
The CalMuni PFA financing team boasts decades of experience working with municipal banks and lenders, ensuring the financing process is completed expediently and public agency resources are used in the most efficient manner.
The purposes the CalMuni PFA may serve include financing or refinancing of capital improvement projects or working capital projects; the purchase of property or equipment; liability or other insurance, or retirement programs; or facilitating Members use of existing or new financial instruments and mechanisms.
The Independent Cities Finance Authority is the second charter member. The statewide JPA has dozens of member cities across the state and focuses primarily on health care and affordable housing projects in California.