Opus Bank Provides Tax Allocation Bond Refunding for the Successor Agency to the Redevelopment Agency of the City of Chino
Overview of Transaction
The City of Chino (“City”) was incorporated in 1910 in San Bernardino County and is now home to 89,800 people.
The City provides a wide range of municipal services to its residents, including police services, parks and recreation programs, planning and development, and street maintenance and lighting. The City also operates water, sewer, and storm drain utilities and provides for refuse collection through an outside contract.
Significance of Transaction
Opus Bank worked with the City staff and its financing team to refinance tax allocation bonds of the City’s Successor Agency to the Redevelopment Agency as a part of a larger comprehensive refunding effort that saved over $4.7 million in interest costs for various local government agencies over the next 19 years.
Opus Bank's Role
Opus Bank offered the City an advantageous financing structure that allowed for maximized interest savings and optimal utilization of taxpayer funds.