|Prop 1A Securitization Mechanism|
August 5, 2009 - The California Statewide Communities Development Authority (CA Communities) is the joint powers authority (JPA) charged with administering the Proposition 1A loan securitization mechanism that will be available for any local government entity affected by the shift of property tax revenues to the state this fiscal year, pursuant to Revenue and Taxation Code §100.06. CA Communities will sell the Prop 1A receivables of the local entities that choose to participate in the securitization program and all the proceeds of the sale will be distributed to those participating agencies.
Attached is the press release from CA Communities that announces the Prop 1A securitization program and some details. Read it here.