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Culver City explores JPA and lease-revenue bonds to free reserves and finance housing
Summary
City staff proposed forming a Joint Powers Authority (JPA) to issue lease-revenue bonds to refinance a general-fund obligation and create a vehicle to finance affordable housing and infrastructure. The council asked for legal and market follow-ups and caution about debt service backstops.
City Manager Otis Jones and outside counsel described a proposed joint powers authority (JPA) structure that would let the city access bond markets to fund priority infrastructure and affordable housing projects while removing some constraints on the general fund.
"A joint powers authority would be a separate legal entity from the city," attorney Jade Charbonte said. "The authority's ability to issue lease revenue bonds is the main benefit — and lease revenue bonds do not require voter approval or raising taxes in many cases." (Jade Charbonte, Ora Carrington & Sidelcliff.)
Under the concept presented, the JPA would be authorized by the council and likely staffed by…
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