Opus Bank provides $16.2 Million in tax allocation bond refunding
Opus Bank's Role
The City of Santa Fe Springs (the “City”) was incorporated in 1957 in Los Angeles County and is now home to 18,500 people. It is a major industry and employment center, with daytime population of 95,000.
The City provides a wide range of municipal services, including public safety (police and fire); planning and zoning; construction and maintenance of streets, parks, water distribution system and other infrastructure; culture and recreation; economic development; and general administrative services.
Significance of Transaction
Opus Bank (“Opus”) worked with the City’s staff and its financing team to refinance tax allocation bonds of the City’s Successor Agency to the Community Development Commission, saving close to $1.9 million in interest costs for various local government agencies over the next 5 years.
Overview of Transaction
Opus offered an advantageous financing structure that allowed for maximized interest savings to the City.