The County of Los Angeles Redevelopment Bond Refunding Program was named as the 2014 Far West Regional Winner for The Bond Buyer’s 13^th Annual “Deal of the Year Awards” held on December 4, 2014 in New York City.  The Program is an initiative launched in 2013 by the Los Angeles County Treasurer and Tax Collector (County TTC) to assist participating Successor Agencies in the refinancing of existing bond obligations of the former redevelopment agencies (RDAs) in Los Angeles County.

Keyser Marston. serves as a Fiscal Consultant in the Program:   

• In the 2013 inaugural year KMA provided Fiscal Consulting services for $61,610,000 of the Program’s initial Tax Allocation Revenue and Refunding Bonds: Series 2013A ($31,650,000), Series 2013B ($11,875,000), Series 2013C ($10,120,000) and Series 2013D ($7,965,000).  

• In the second year 2014, KMA provided Fiscal consulting services for $171,080,000 of the Program’s Tax Allocation Revenue and Refunding Bonds:  Series 2014C ($148,640,000) and Series 2014D ($22,440,000).

• KMA has served as Fiscal Consultant in over 145 bond transactions with Successor Agencies and former Redevelopment Agencies throughout the California and Nevada, totaling $4.1 billion.  

The County TTC estimated that the 71 RDAs in the County have issued more than 300 series of tax allocation bonds with over $3.5 billion currently outstanding.  The majority of these bonds carry interest rates that significantly exceed the rates that could be obtained in the current bond market.

This Program enables Successor Agencies to achieve savings by refinancing their outstanding tax allocation bonds through a pooled financing structure under the joint powers authority of the County of Los Angeles Redevelopment Refunding Authority (CLARRA) serving as issuer of the bonds to the capital markets.  Refunding savings benefits local taxing entities, including participating cities, that receive a share of property tax revenues generated by the dissolution of redevelopment agencies.

Bonds issued under the Program have been sold in one or more series depending on the number of participating Successor Agencies and the various credit and financing characteristics of the refunded bonds. The County TTC anticipates that the Program will continue to issue multiple pooled financings over the next several years.