| |
CSCDA Pooled
Revenue Bonds |
General
Obligation Bonds |
Revenue
Bonds |
Certificates
of Participation |
TRANs |
Mello-Roos
Bonds |
| Statutory Authority |
Government Code §6500 and following
|
Section 42 of the Act |
Section 51 of the Act, Governments Code §54300 and
following |
Section 25 of the Act |
Government Code §53850 and following |
Government Code §53311 and following |
| What can be financed? |
Any real or personal property |
Any real or personal property |
Any real or personal property |
Any real or personal property |
Cash flow deficits |
Tangible property with useful life
of 5 years or more |
| Is additional revenue generated? |
No |
Yes |
No |
No |
No, except permitted arbitrage earnings |
Yes |
| Is voter approval required? |
No |
Yes |
Yes, if in excess of $10 million |
No |
No |
Yes, but may be vote of landowners
instead of registered voters |
| How long does the financing take? |
3 weeks to 3 months or more |
6 to 9 months or more |
3 weeks to 3 months or more |
3 weeks to 3 months or more |
3 to 6 weeks |
6 to 9 months |
| What is the Maximum Maturity? |
Generally, none |
40 years |
40 years |
Generally, none |
Usually 13 months |
40 years |
| What is the Maximum Interest Rate? |
Generally, none |
12% |
12% |
Generally, none |
12% |
12% |
| May Negotiated Sale be used? |
Yes |
No |
No |
Yes |
Yes |
Yes |
| What are the most important advantages? |
Flexibility; no vote required;
low cost |
Low cost; simplicity; self-supporting |
Ability to issue debt supported by revenue-producing
facilities |
Flexibility; no vote required |
Ability to finance working capital and retain arbitrage
earnings |
Self-supporting; tax formula flexibility |
| What are the most important disadvantages? |
None |
Vote required |
Vote required; must be competitively bid |
More expensive that G.O. Bonds |
Federal tax code restrictions |
Vote required; more expensive; complex
procedures |
