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West Sacramento PFA authorizes up to $80 million EIFD bond sale; city aims to be first in state
Summary
The Public Financing Authority authorized Resolution 25-3 on May 21, 2025, approving the issuance and sale of Enhanced Infrastructure Financing District No. 1 bonds in an amount not to exceed $80 million. Staff and consultants described the financing plan, rating scenarios, and spending requirements.
The West Sacramento Public Financing Authority voted May 21, 2025, to authorize the issuance and sale of Enhanced Infrastructure Financing District No. 1 bonds in an amount not to exceed $80,000,000, adopting Resolution 25-3 in a unanimous roll-call vote.
Tracy Michael, director of economic development and housing, and the city's financing team told the PFA that the proposed bonds would fund eligible infrastructure projects identified in the IFP. Michael described the action as a group effort and said the team would prioritize projects that are shovel-ready and can meet statutory spending rules.
Municipal advisor Ken Deacker of Del Rio Advisors told the board the financing seeks to balance near-term credit strength with future bonding capacity. He outlined rating scenarios presented to S&P: a 150% debt-service-coverage option received a B rating in…
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