West Sacramento approves EIFD and Bridge IFD bond package worth up to $86.5 million

The City of West Sacramento on May 21 approved a package of five related financing resolutions authorizing the issuance and sale of tax-increment bonds for the city's Enhanced Infrastructure Financing District (EIFD No. 1) and the smaller, interior Bridge-area Infrastructure Financing District (IFD No. 1).

The actions included council resolutions authorizing an EIFD bond issuance not to exceed $80,000,000 and IFD bond authorizations not to exceed $6,500,000, plus related pledge and bond-purchase agreements adopted by the West Sacramento Financing Authority. Council members voted aloud on each item; each motion passed by recorded roll call.

The package will let the city move forward with a first-of-its-kind EIFD public offering and a smaller, nonrated IFD sale. Municipal advisor Del Rio Advisors and underwriters told Council they expect to deliver roughly $50 million in project proceeds on a rated EIFD issuance and up to about $55.3 million if the city secures bond insurance and a surety for the reserve fund. The IFD proceeds were estimated in staff materials at about $3.85 million in project funds. Municipal advisor Ken Deacker told the Council, "This will be the first EIFD bond issued in the state…