City of Concord
Opus Bank’s Public Finance Division Provides General Obligation Financing for Safety and Security Improvements
Overview of Transaction
- The City of Concord, California (the “City”) was incorporated in 1905 and is now the largest city in Contra Costa County with a population of 129,700.
- The City provides its residents with a full range of services including police protection, recreational activities, community and economic development, street improvements and maintenance services, parks maintenance, sewer, and general administrative and support services. In addition, the City oversees management of the Concord Pavilion, Diablo Creek Golf Course and Camp Concord in South Lake Tahoe, California.
- The lease revenue financing provided by Opus Bank (“Opus”) funded various energy efficiency improvements at the police department and Civic Center Administrative Complex, as well as streetlight improvements and solar installation at the community pool.
Significance of Transaction
- The refinancing will generate approximately $290,000 in total interest savings for the City’s General Fund over the next 8 years.
- The refinancing also allowed the City to optimize the use of its real assets pledged for various financings.
Opus Bank's Role
- Opus worked closely with the City and its financing team to put together a flexible financing program that optimizes the City’s interest costs and provides for the most efficient utilization of taxpayer funds.