Richmond Unified School District

COP Workout

Project Highlights

The Richmond Unified School District (now known as the West Contra Costa Unified School District) originally issued certificates of participation to make improvements on some of their school sites. With mounting financial pressure on the District, the debt service payments on the COPs were too burdensome and the District failed to stay current on their payments. NHA Advisors developed a refinancing structure that protected the new bondholders through the use of an “intercept” from State funds due to the District. NHA Advisors and the other financing team members successfully secured the adoption of State legislation that enabled the trustee on the new obligation to intercept State aid payments to the District in the event there was a missed debt service payment. This State guarantee not only reduced the cost of funds to the District, but had no financial impact the State.

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