Opus Bank’s Public Finance Division Provides Lease Revenue Refunding for Cordova Recreation and Park District
Overview of Transaction
Cordova Recreation and Park District (the “District”) was established in 1958 and now operates four recreation centers, three sports centers, two aquatic centers, five splash parks, and 38 parks across more than 600 acres of urban and open space in the City of Rancho Cordova and unincorporated areas of Sacramento County. The District provides recreation and park services to an area with an estimated population of 115,800 people.
The financing provided by Opus Bank (“Opus”) refunded an outstanding lease revenue financing obligation of the District.
Opus Bank's Role
The refinance will generate close to $96,000 in total interest savings for the District’s General Fund over the next nine years.
Significance of Transaction
Opus worked closely with the District and its financing team to put together a flexible financing program that optimizes the District’s interest costs and provides for the most efficient utilization of taxpayer funds.