Tag Archives: Norton Rose Fulbright

Norton Rose Fulbright Renews Its Sponsorship of CCMF

Posted by Melanie James on

The California City Management Foundation announced that Norton Rose Fulbright has renewed their commitment to supporting the state’s city management community by being a Corporate Benefactor sponsor. Norton Rose Fulbright is a multinational law firm, with more than 3800 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia. They provide the world’s pre-eminent corporations and financial institutions with a full business law service. Learn more at www.nortonrosefulbright.com/us.

“Thank you to Norton Rose Fulbright for being a Corporate Benefactor sponsor yet again. Their continued financial support has helped us deliver bigger & better resources to our members, and also demonstrates their commitment to helping the past, present and future generations of California city managers thrive.” – Wade McKinney, CCMF President

CCMF corporate sponsors enjoy a number of benefits including sponsorship recognition on the CCMF website, access to the CCMF weekly electronic newsletter, and invitations to members-only activities and special events at the annual League of California Cities City Manager Department conference. Corporate membership fees start at just $1,250. Click/tap here to learn more.

Norton Rose Fulbright Sponsors CCMF

Posted by Melanie James on

The California City Management Foundation (CCMF) has announced that Norton Rose Fulbright has stepped up to support the city management community through their corporate sponsorship of CCMF. Norton Rose Fulbright provides the world’s preeminent financial institutions and corporations with a full business law service and advises governments, public bodies and regulatory authorities.

“Norton Rose Fulbright’s sponsorship of CCMF is a testament to their support of excellence in the city management profession. Thanks to their support, CCMF can continue to offer its members a wide range of resources and tools that help them thrive in their local government leadership roles.” – Wade McKinney, CCMF President

CCMF corporate sponsors enjoy a number of benefits including sponsorship recognition on the CCMF website, access to the CCMF weekly electronic newsletter and invitations to members-only activities and special events at the annual League of California Cities City Manager Department conference. Corporate membership fees start at just $1,500. Click here to learn more.

La Puente Creates Major Savings with Bond Refunding

Posted by Melanie James on

The Successor Agency to the La Puente Community Development Commission announced the successful closing of $3.7 million of Tax Allocation Revenue Refunding Bonds. The yield on the bonds was 4.35%.

The 2014 Series A Bonds are being issued to refund the Commission’s 2007 Tax Allocation Bonds. The refunding generated a savings of $1,597,395 million dollars. The 2007 Tax Allocation Bonds proceeds were used to contribute to the cost of constructing some or all of the Youth Learning Center and Community Center.

City Manager David Carmany and Director of Administration Services Robbeyn Bird pursued the 2014 Series A Refunding Bonds, which were able to generate a real dollar savings for the commission. The savings allow them to be able to redistribute RPTTF dollars to other taxing entities such as the County and School Districts, which benefit the community as a whole.

The entireties of the Refunding Bonds were sold on August 29, 2014 to City National Bank. Placement Agent services to the Successor Agency were provided by Stifel, Nicolaus & Company, Inc. Other members of the financing team included; Casso & Sparks, LLP, Norton Rose Fulbright, Wolf & Company Inc., Willdan Financial Services and the Bank of New York Mellon Trust Company, N.A.

Norton Rose Fulbright Helps Coachella Issue Bonds

Posted by Saara Lampwalla on
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Norton Rose Fulbright helped the Successor Agency of the City of Coachella issue $5,275,000 of refunding bonds in December of 2013. Norton Rose Fulbright acted as bond counsel and Urban Futures, Inc. acted as financial adviser to the Successor Agency. Savings total approximately $1.6 million, with the bulk of the savings benefiting the county and local school districts.

Prior to the Dissolution Act, the savings from a refunding transaction such as this would flow to the dissolved agencies by way of additional tax increment revenues. However, after the Dissolution Act, cities will now only benefit by an amount equal to their respective property tax rate. That means the City of Coachella will receive $112,000 out of the $1.6 million in savings. Despite this, the City of Coachella issued the bond for the benefit of the county and school districts.

Norton Rose Fulbright was bond counsel on the transaction. They prepared the legal documents relating to the issuance of the refunding bonds and render a final approving opinion letter going to the validity of the bonds and the tax-exemption of the interest on the bonds. The refunding bonds are being issued to refinance the previously issued $7,020,000 principal amount of the Coachella Redevelopment Agency.

After the passage of the Dissolution Act, each of California’s redevelopment agencies were dissolved, and the cities and counties that formed the redevelopment agencies started the process of unwinding the affairs of these dissolved agencies. Successor agencies were then established to manage redevelopment projects currently underway, make payments on enforceable obligations, and dispose of redevelopment assets and properties.

“Our Council determined that helping our county and school districts is a worthwhile endeavor. We are all trying our best to help each other,” said Bill Pattison, Finance Director of the City of Coachella.

Many other cities are also issuing refunding bonds in the hopes of helping their county and school districts.

“We are seeing that many of our clients who are issuing refunding bonds have the same perspective,” said Danny Kim, Partner at Norton Rose Fulbright.

Norton Rose Fulbright

Norton Rose Fulbright is a global legal practice that provides the world’s pre-eminent financial institutions and corporations with a full business law service and advise governments, public bodies and regulatory authorities.

Norton Rose Fulbright has more than 3,800 lawyers based in over 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.