The City of Santa Fe Springs
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.