annual activity report...this annual activity report (annual report) is submitted in accordance with...

FISCAL Y EAR 2010/20 11

STATE OF CALIFORNIA BUSINESS TRANSPORTATION AND HOUSING AGENCY

CALIFORNIA INFRASTRUCTURE AND

ECONOMIC DEVELOPMENT BANK

Eureka Redevelopment Agency Market Square

Improvements Project

El Dorado Fire Protection District Fire Station 28 Project

ANNUAL ACTIVITY REPORTFISCAL YEAR 2010/2011

The Colburn School Project

l •BANK

Edmund G. Brown Jr. Governor

Board Members:

Vacant Chair

Secretary, Business, Transportation and Housing

Agency

Bill Lockyer State Treasurer

Ana J. Matosantos Director

Department of Finance

Anna M. Caballero Secretary, State and

Consumer Services Agency

D. Everett Rice Governors Appointee

Executive Director:

Stanton C. Hazelroth

Mailing Address: P.O. Box 2830

Sacramento, CA 95812-2830

Office Address: 980 9 th Street, Suite 900 Sacramento, CA 95814

(916) 322-1399 (916) 322-6314 FAX www.ibank.ca.gov

California Infrastructure and Economic Development Bank

November 1, 2011

The Honorable Governor Jerry Brown c/o State Capitol, Suite 1173 Sacramento, CA 95814

Chair, Joint Legislative Budget Committee c/o State Capitol, Room 5019 Sacramento, CA 9581 4

To Whom It May Concern:

In accordance with Government Code Sections 63035, 63056 and 63061 the California Infrastructure and Economic Development Bank (I-Bank) is required to submit to the Governor, Joint Legislative Budget Committee and the Legislature a report of its activities related to the California Infrastructure and Economic Development Bank Fund (CIEDB Fund) and the Cal ifornia Infrastructure Guarantee Trust Fund (Guarantee Trust Fund) for the preceding fiscal year. Enclosed, please find the I-Bank's Fiscal Year 2009-2010 Annual Activity Report.

Highlights of the I-Bank's accompl ishments during the past fiscal year include:

• Issued $203,300,000 of conduit revenue bonds for qualified California manufacturing companies, 501 ( c )(3) nonprofit entities and for other governmental entities to create/retain jobs in the state, to facilitate research and cultural endeavors and for other public purposes,.

• Approved $3,500,000 of Infrastructure State Revolving Fund Program loans for local government entities throughout the State for critically needed infrastructure projects.

• Created an estimated 595 construction and full-time equivalent jobs.

The 20 I 0-20 I I Annual Activity Report contains the program activity of the ClEDB Fund and the financia l activities of both the CIEDB Fund and the Guarantee Trust Fund. There was no program activity to report for the Guarantee Trust Fund.

Since inception, the I-Bank has loaned, financed or participated in the financing of over $31 billion for infrastructure, economic development and other government purposes. We look forward to committing I-Bank resources as an integral economic stimulus tool in the areas of financing public infrastructure and private investments that promote economic development, create jobs and revitalize California's communities. Please contact me if you have any questions regarding the I-Bank's programs.

Sincerely, ~

~ Executive Director

http:www.ibank.ca.gov

California Infrastructure and Economic Development Bank

Name of Report: I-Bank’s Annual Activity Report Fiscal Year 2010/2011

Authority: Government Code Sections 63035, 63056 and 63061

Summary of Report Contents:

A listing of applications accepted, including a description of the expected employment impact of each project.

A separate summary of applications for the Infrastructure State Revolving Fund Program, including a summary of the number of preliminary applications that did not receive funding and the reason the

applicant did not qualify.

A specification of bonds sold, and interest rates thereon.

The amount of other public and private funds leveraged by the assistance provided.

A report of revenues and expenditures by program for the preceding fiscal year.

A projection of the I-Bank’s needs and requirements for the coming year.

Recommendations for changes in state and federal law necessary to meet statutory objectives.

Obtain a Copy of the Report at: www.ibank.ca.gov or call the I-Bank at (916) 322-1399

http://www.ibank.ca.gov/

CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK

AN N U A L AC T I V I T Y RE P O RT

F I S C A L Y E A R 2 0 1 0 / 2 0 1 1

I N T R O D U C T I O N

This Annual Activity Report (Annual Report) is submitted in accordance with

Government Code Section 63035, which requires the California Infrastructure and

Economic Development Bank (I-Bank) to submit to the Governor and the Joint

Legislative Budget Committee a report of its activities for the preceding fiscal year. This

Annual Report includes:

(a) (1) A listing of applications accepted, including a description of the

expected employment impact of each project.

(2) A separate summary of applications for the Infrastructure State Revolving

Fund Program, including a summary of the number of preliminary

applications that did not receive funding and the reason the applicant did

not qualify.

(b) A specification of bonds sold and interest rates thereon.

(c) The amount of other public and private funds leveraged by the assistance

provided.

(d) A report of revenues and expenditures for the preceding fiscal year,

including all of the I-Bank’s costs. The information provided pursuant to

this subdivision shall include, but need not be limited to, both of the

following:

(1) The amount and source of total bank revenues. Revenues shall be shown

by main categories of revenues, including interest earnings, fees collected,

and bond proceeds, for each bank program.

(2) The amount and type of total bank expenditures. Expenditures shall be

shown by major categories of expenditures, including loans provided, debt

service payments, and program support costs, for each bank program.

(e) A projection of the I-Bank’s needs and requirements for the coming year. (f) Recommendations for changes in state and federal law necessary to meet

the objectives of this division.

I - B A N K O V E R V I E W

The I-Bank, housed within the State of California’s Business, Transportation and Housing Agency, has a mission to finance public infrastructure and private development

that promote economic development, revitalize communities, and enhance the quality of

life throughout California. The I-Bank’s primary programs include the Infrastructure State Revolving Fund (ISRF) Program that provides direct low-cost financing to public

agencies for a wide variety of public infrastructure projects, and Bond Financing

Programs that provide tax-exempt conduit revenue bond financing for qualified

2


manufacturing companies, nonprofit organizations, public agencies, other eligible

entities, and revenue bond financing for the I-Bank’s own ISRF Program.

S U M M A R Y O F I - B A N K A C T I V I T I E S D U R I N G

F I S C A L Y E A R 2 0 1 0 / 2 0 1 1

(a) (1) A listing of applications accepted, including a description of

the expected employment impact of each project.

A summary of Preliminary Applications received is as follows:

Program

Number of Preliminary

Applications Received

Financing Amount

Requested

ISRF Program $49,887,500

Bond Financing Programs1

$11,500,000

Total 11 $61,387,500

A summary of Financing Applications received is as follows:

Program

Number of Financing


Financing Amount

Requested

ISRF Program 2 $7,737,500 Bond Financing Programs 13 $695,065,000

Total 15 $702,802,500

A listing of these applications is contained in the following appendices:

Appendix 1—ISRF Program Preliminary Applications Received Appendix 2—Bond Financing Programs Preliminary Applications

Received

Appendix 3—ISRF Program Financing Applications Received Appendix 4—Bond Financing Programs Financing Applications Received

Note: See subsection (b) below for expected employment impacts for approved

ISRF Program loans.

(2) A separate summary of applications for the ISRF Program, including a

summary of the number of preliminary applications that did not receive

funding and the reason the applicant did not qualify.

The summary of ISRF Program applications is found in Appendices 1 and 3. A

summary of the ISRF Program preliminary applications and financing

applications that did not receive funding, including the reasons the application did

Industrial Development Bonds are the only applicants to the Bond Financing Programs that submit a Preliminary

Application. All other Bond Financing Program applicants only submit Financing Applications.

3

1


not proceed is contained in Appendix 5—ISRF Program Preliminary

Applications and Financing Applications Withdrawn or Inactive.

(b) Specification of bonds sold and interest rates thereon.

A summary of bonds sold is contained in the following table along with a

summary of Board-ISRF Program loans approved (although approved loans are

not required to be reported per Government Code Section 63035.)

Number of

Loans

Approved

and Bonds

Sold

Expected

Employment

Impacts— Estimated

Jobs2

Financing

Amount Leverage

ISRF Program

Approved Loans

2 31 $3,500,000 $760,847

Bond Financing

Programs Bonds

Sold

10 564 $203,300,000 $49,402,645

Total Loans

Approved And

Bonds Sold

12 595 $206,800,000 $50,163,492

Appendix 6—ISRF Program Loans Approved and Appendix 7—Bond

Financing Programs Bonds Sold contain a detailed listing of the loans approved

and bonds sold during Fiscal Year 2010/2011, along with expected employment

impacts, and other project and financing information.3

(c) Amount of other public and private funds leveraged by the assistance provided.

See chart above and Appendices 6 and 7 for leverage information.

(d) A report of revenues and expenditures for the preceding fiscal year, including all

of the I-Bank’s costs. The information provided pursuant to this subdivision shall include, but need not be limited to, both of the following:

(1) The amount and source of total bank revenues. Revenues shall be shown

by main categories of revenues, including interest earnings, fees collected,

and bond proceeds, for each bank program.

(2) The amount and type of total bank expenditures. Expenditures shall be

shown by major categories of expenditures, including loans provided, debt

service payments, and program support costs, for each bank program.

Appendix 8—Audited Statement of Revenues, Expenses, and Changes In Net

Assets of the California Infrastructure and Economic Development Bank

contains the audited revenues and expenses of the I-Bank’s two funds, the

California Infrastructure and Economic Development (CIEDB) Fund and the

2 Includes both construction jobs and full-time equivalent jobs.

3 Applications for several loans approved and bonds sold in the 2010/2011 fiscal year were submitted in the prior fiscal year.

4


California Infrastructure Guarantee Trust Fund (Guarantee Trust Fund). The audit

is prepared on a full accrual basis.

Appendix 9—Statement of Cash Flows by Program of the California

Infrastructure and Economic Development Bank contains cash flows by

program for the CIEDB Fund and the Guarantee Trust Fund.

(e) A projection of the I-Bank’s needs and requirements for the coming year.

During the 2011/2012 fiscal year, the I-Bank intends to continue to work closely

with the Governor’s Office to develop strategic initiatives and programs that will contribute to the Governor’s clean energy and jobs goals. Additional staffing will likely be necessary should the I-Bank expand existing programs or undertake new

programs.

(f) Recommendations for changes in State and Federal law necessary to meet the

objectives of this division.

The I-Bank does not recommend any changes in State or Federal law at this time

for existing programs. It is unknown if any changes to State or Federal laws will

be necessary to facilitate the administration of any new programs.

A P P E N D I C E S

Appendix 1—ISRF Program Preliminary Applications Received

Appendix 2—Bond Financing Programs Preliminary Applications Received

Appendix 3—ISRF Program Financing Applications Received

Appendix 4—Bond Financing Programs Financing Applications Received

Appendix 5—ISRF Program Preliminary Applications Withdrawn or Inactive

Appendix 6—ISRF Program Loans Approved

Appendix 7—Bond Financing Programs Bonds Sold

Appendix 8—Audited Statement of Revenues, Expenses and Changes in Net Assets

of the California Infrastructure and Economic Development Bank

Appendix 9—Statement of Cash Flows by Program of the California Infrastructure

and Economic Development Bank

5

—

APPENDIX 1 ISRF PROGRAM PRELIMINARY APPLICATIONS RECEIVED Fiscal Year 2010/2011

Name of Applicant Project Location Proposed Project Description Amount

Requested

San Joaquin County Service Area44 Zone E County of San

Joaquin

Sewage Collection and Treatment: Construct improvements to correct

operational deficiencies at existing waste water treatment plant.

$740,000

San Joaquin County Service Area44 Zone G County of San

Joaquin

Sewage Collection and Treatment: Construct improvements to correct

operational deficiencies at existing waste water treatment plant.

$910,000

City of Delano City of Delano Public Safety Facilities: Construct a police station. $10,000,000

San Luis Obispo Regional Transit Authority City of San Luis

Obispo

Public Transit: Acquire transit bus maintenance and operation facility. $7,200,000

Redevelopment Agency of the City of San

Diego

City of San Diego Parks and Recreational Facilities: Construct multi-purpose building at North

Chollas Community Park.

$2,000,000

Humboldt Community Services District County of

Humboldt

Sewage Collection and Treatment: Construct new wastewater conveyance

components within an existing wastewater system.

$10,000,000

Coastside County Water District County of San

Mateo

Water Treatment and Distribution: Add new water system pre-treatment units. $6,737,500

City of San Bernardino Municipal Water

Department

County of San

Bernardino

Drainage, Water Supply, and Flood Control: Construct a 12 million gallon

circular, pre-stressed concrete reservoir.

$10,000,000

City of Williams City of Williams Water Treatment and Distribution; Drainage, Water Supply, and Flood Control:

Install three new water filters on existing wells, and construct a new well and

reservoir.

$2,300,000

Total ISRF Program Preliminary


9 $49,887,500

6

—

APPENDIX 2 BOND FINANCING PROGRAMS PRELIMINARY APPLICATIONS RECEIVED Fiscal Year 2010/2011

Name of Applicant Project Location Type of

Financing4

Proposed Project Description Amount

Requested

KAKS Properties, LLC Community of

Valencia

County of Los

Angeles

IDB Acquire and install a solar panel system on the existing

manufacturing facility, and refund bonds previously issued by the

I-Bank in 2003.

$2,500,000

Bay Photo, Inc. City of Scotts

Valley

IDB Acquire three parcels of property totaling approximately 17 acres

containing three vacant buildings totaling approximately 140,000

square feet, and construct, develop and equip improvements

thereto.

$9,000,000

Total Bond Financing Programs

Preliminary Applications Received

2 $11,500,000

4 “IDB” means industrial development conduit revenue bond. IDB applicants are the only applicants to the Bond Financing Programs that submit a Preliminary Application. All other Bonds Financing Programs applicants only submit Financing Applications.

7

—

APPENDIX 3 ISRF PROGRAM FINANCING APPLICATIONS RECEIVED Fiscal Year 2010/2011

Name of Applicant Project Location Proposed Project Description

Amount

Requested

McKinleyville Community Services

District

County of Humboldt Water Treatment and Distribution: Construct and improve water system pump

station, including the installation of two new vertical turbine pumps equipped with

variable frequency drives, and tie-in to existing lines. Upgrade electrical service

equipment, install a new generator, construct a new concrete pad and install an

emergency chlorination system.

$1,000,000

Coastside County Water District County of San Mateo Water Treatment and Distribution: Design, construct and install new water

system pre-treatment units that will reduce the raw water turbidity to meet

California Department of Public Health requirements; upgrade the wash water

handling system; and improve the chemical storage and feed systems, plant

control system, and raw water pumps to the Denniston Creek Water Treatment

Plant.

$6,737,500

Total ISRF Program Financing


2 $7,737,500

8

—

APPENDIX 4 BOND FINANCING PROGRAM FINANCING APPLICATIONS RECEIVED Fiscal Year 2010/2011


Financing5


Requested

KAKS Properties, LLC Community of

Valencia

County of Los

Angeles

IDB Acquire and install a solar panel system on the existing

manufacturing facility, and refund bonds previously issued by the I-

Bank in 2003.

$2,500,000

Columbia College doing business as

Columbia College Hollywood

Community of

Tarzana

City of Los

Angeles

501(c)(3) Refinance a portion of existing debt used to finance the cost of

acquiring, constructing, rehabilitating, improving, equipping and

general development of the campus facilities to achieve cost savings.

$5,240,000

Maguire Aviation III City of Los

Angeles

Exempt

Facility

Acquire leasehold interest on 9.7 acres of airport property, and

develop and construct approximately 128,000 new hangar and office

space.

$57,000,000

Claremont University Consortium City of Claremont 501(c)(3) Renovate an existing facility used to house Central Facilities

Services to add office space and expand an existing parking area.

$9,000,000

Cascade Sierra Solutions Statewide 501(c)(3) Leverage a revolving loan fund to provide new loan proceeds to

Cascade Sierra Solutions to finance equipment that will provide

cleaner and more efficient trucks and trailers to comply with the CA

Air Resource Board’s air quality standards.

$300,000,000

Loyola High School City of Los

Angeles

501(c)(3) Refund City of Los Angeles bonds to restructure the bonds to

eliminate non-compliant letter of credit.

$22,000,000

Sage Hill School Community of

Newport Coast

City of Newport

Beach

501(c)(3) Refund I-Bank bonds issued in 2008 that financed a new center for

creative studies facility, and refinance an existing bank loan used to

construct the original school facility to achieve cost savings; and

provide working capital for the school.

$24,000,000

5 “501(c)(3)” means qualified 501(c)(3) conduit revenue bond or loan.

9

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APPENDIX 4 BOND FINANCING PROGRAM FINANCING APPLICATIONS RECEIVED Fiscal Year 2010/2011


Financing5


Requested

Saddleback Valley Christian City of San Juan

Capistrano

501(c)(3) Refinance the cost to acquire, construct, develop and equip

improvements to the school’s facilities to achieve cost savings; and finance additional improvements to the school’s facilities.

$21,000,000

Village School, Inc. Community of

Pacific Palisades

City of Los

Angeles

501(c)(3) Refund City of Los Angeles bonds to provide new letter of credit

and finance the cost to construct, remodel and equip additional

school’s facilities.

$9,000,000

San Francisco Ballet Association City of San

Francisco

501(c)(3) Refund I-Bank bonds issued in 2008 which restructured previous

financings that began in 2002 and were used to acquire, construct,

rehab, and equip: an administration building; sets and costumes;

warehouse space; computer hardware upgrades; and the War

Memorial Opera House.

$30,000,000

Orange County Performing Arts Center

doing business as Segerstrom Center for

the Arts

City of Costa Mesa 501(c)(3) Refund 2008C bonds issued by I-Bank, which were used to finance

a portion of the Orange County Performing Arts Center.

$56,550,000

The Broad Collection City of Los

Angeles

501(c)(3) Finance an 114,000 square foot new art museum, facilities and

related infrastructure, including a portion of a three level public

parking garage, a public plaza and certain streetscape improvements

along Grand Avenue.

$150,000,000

Bay Photo, Inc. City of Scotts

Valley

IDB Acquire three parcels of property totaling approximately 17 acres

containing three vacant buildings totaling approximately 140,000

square feet, and construct, develop and equip the improvements.

$8,775,000

Total Bond Financing Programs

Financing Applications Received

13 $695,065,000

10

—

Name of Applicant

City of Emeryville

Redevelopment Agency

San Joaquin County

Service Area 44 Zone E

San Joaquin County

Service Area 44 Zone G

Arcade Creek Recreation

and Park District

City of Delano

San Luis Obispo

Regional Transit

Authority

Redevelopment Agency

of the City of San Diego

Humboldt Community

Services District

Total ISRF Program

Preliminary

Applications

Withdrawn or Inactive

Project

Location

County of

Alameda

County of

San

Joaquin

County of

San

Joaquin

County of

Sacramento

City of

Delano

City of San

Luis

Obispo

City of San

Diego

County of

Humboldt

8

APPENDIX 5 ISRF PROGRAM PRELIMINARY APPLICATIONS

WITHDRAWN OR INACTIVE Fiscal Year 2010/2011

Amount

Requested

Category and Proposed Project

Description

Date

Received

Date

Withdrawn/

Made

Inactive

Reason(s)

$2,000,000 Public Transit: Construct a 125-space

public parking lot within a new transit

center.

10/29/2009 7/9/2010 Inactive. Applicant requested application be

made inactive until existing debt obligations

covenants can be modified.

$740,000 Sewage Collection and Treatment:

Construct improvements to correct

operational deficiencies at existing waste

water treatment plant.

7/1/2010 7/21/2010 Ineligible. —Project construction started and

was substantially complete prior to application

submittal..

$910,000 Sewage Collection and Treatment:

Construct improvements to correct

operational deficiencies at existing waste

water treatment plant.

7/2/2010 7/21/2010 Ineligible. Project construction started and was

substantially complete prior to application

submittal.

$500,000 Parks and Recreational Facility:

Construct sports, parking and landscaping

facilities.

3/3/2010 9/21/2010 Ineligible. Potential project total point score

deemed likely to not meet minimum threshold,

and inability to meet credit criteria.

$10,000,000 Public Safety Facilities: Construct a

police station.

8/18/2010 9/30/2010 Inactive. Applicant requested application be

made inactive while exploring other financing

opportunities.

$7,200,000 Public Transit: Acquire transit bus

maintenance and operation facility.

10/27/2010 7/9/2010 Withdrawn. Applicant requested application be

withdrawn due to high Project purchase costs.

$2,000,000 Parks and Recreational Facilities:

Construct multiple-purpose building at

North Chollas Community Park.

10/26/2010 1/21/2011 Inactivate. Applicant requested application be

made inactive due to legislation impacting

redevelopment agencies.

$10,000,000 Sewage Collection and Treatment:

Construct new wastewater conveyance

components within an existing

wastewater system.

12/10/2010 3/16/2011 Withdrawn. Applicant requested application be

withdrawn until new rates are implemented and

a separate enterprise is created for the

wastewater system.

$33,350,000

11

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APPENDIX 6 ISRF PROGRAM LOANS APPROVED Fiscal Year 2010/2011

Name of

Borrower

Project

Location

Interest

Rate

Project Description Public Benefits

(Including Expected Employment Impact)6

Financing

Amount

Leverage

El Dorado

County Fire

Protection

District

County of

El Dorado

3.24% Public Safety Facilities:

Design and construction of a

9,094 square foot fire station

(El Dorado County Fire Station

28) on 1.21 acres of land

owned by the District, and the

purchase and installation of

equipment and improvements,

including a vehicle exhaust

ventilation system,

decontamination shower,

communications equipment,

appliances and an LED sign.

A state of the art public safety facility that will accommodate a larger,

permanent, full-time, male and female fire safety staff on duty 24/7 that

will be constructed to comply with current earthquake standards and

Americans with Disability Act. The project will provide effective and

reliable fire protection to the recently constructed Shingle Springs

Rancheria Red Hawk Casino.

Permanent jobs: 18

Estimated Construction jobs: 8.5

$2,500,000 $493,075

Estimated construction payroll is calculated at 20% of total project construction costs (the average of receipts-to-payroll for the construction industry). Construction jobs are calculated on a person

year basis rather than on a permanent basis by dividing the estimated construction payroll by the average annual wage for construction in the county in which the Project is located. County level

construction wage data was obtained from the Employment Development Department’s website at www.labormarketinfo.edd.ca.gov. County construction wage data for calendar year 2010 was used to calculate estimated construction jobs.

12

6

http:www.labormarketinfo.edd.ca.gov

—

APPENDIX 6 ISRF PROGRAM LOANS APPROVED Fiscal Year 2010/2011

Name of

Borrower

McKinleyville

Community

Services

District

Total ISRF

Program

Loans

Approved

Project Interest

Location Rate

County of 3.37%

Humboldt

2

Project Description

Water Treatment and

Distribution: Design,

construction, and improvement

of the Grant A. Ramey Pump

Station including the

installation of two new water

system vertical turbine pumps

equipped with variable

frequency drives and tie-in to

existing lines, the upgrade of

electrical service equipment,

installation of a new generator,

construction of a new concrete

pad and the installation of an

emergency chlorination system.

Public Benefits

(Including Expected Employment Impact)6

Enhance water supply for peak use periods and fire flows for the entire

service area, and supports planned development at the Arcata-Eureka

airport industrial park.

Permanent jobs: 0


Estimated FTE7

Jobs: 18 Estimated Construction Jobs:

13.2

Total Estimated Jobs: 31.2

Financing

Amount

$1,000,000

$3,500,000

Leverage

$267,772

$760,847

“FTE” means full-time equivalent.

13

7

—

USC Health

Science Building,

LLC

Name of

Borrower

City of Los

Angeles

Project

Location

501(c)(3)

APPENDIX 7

Type of Financing

Fixed

Rate

4.07%

TIC8

Demolish an existing

95,000 square foot

structure and

construction of a three

story 120,000 square

foot building with an

adjacent courtyard and

exterior multipurpose

space.

BOND FINANCING PROGRAMS BONDS SOLD Fiscal Year 2010/2011

Interest

Rate


(Including Expected Employment

Impact)

Create much needed space for clinical and

academic research, education and

administration as well as training and

conferencing space.

Permanent jobs: 100


$36,975,000

Financing

Amount

$0

Leverage

Buck Institute for

Age Research

City of

Novato

501(c)(3) Variable

Rate

Construct research

facilities and refund up

to $10 million of the

outstanding 2001 Bonds

issued by I-Bank.

Advance biomedical research and graduate-

level education in the life sciences and

health professions, improve the California

healthcare system, and reduce long-term

health cost through therapies derived from

stem cell research. LEED certified building

Permanent jobs: 150


$30,000,000 $20,500,000

KAKS Properties,

LLC/Hydro

Systems, Inc.

Community

of Valencia

County of

Los

Angeles

IDB Variable

Rate

Purchase and install a

solar panel system on

the manufacturing

facility and refinance the


issued by I-Bank.

Reduce electricity consumption by 70%

resulting in estimated annual cost savings of

$80,000 to $100,000.

Permanent jobs: 10


$2,500,000 $580,700

8 “TIC” means True Interest Cost.

14

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Columbia College

doing business as

Columbia College

Hollywood

Name of

Borrower

Community

of Tarzana

City of Los

Angeles

Project

Location

501(c)(3)

APPENDIX 7

Type of Financing

Variable

Rate

Refinance a portion of

existing debt used to

finance the cost of

acquiring, constructing,

rehabilitating,

improving, equipping

and general facility

development.


Interest

Rate



Impact)

Estimated annual cost savings of over

$200,000 , thereby increasing revenue to

support an expansion of services to students.

$5,240,000

Financing

Amount

$214,285

Leverage

Sage Hill School Community

of Newport

Coast

City of

Newport

Beach

501(c)(3) Fixed

Rate

4.625%

Refund 2008 Bonds

issued by I-Bank used to

finance a new center for

creative studies facility;

refinance an existing

bank loan used to

construct the original

school facility, and

provide working capital.

Estimated annual cost savings of over

$451,000 will result in reduced operating

costs, thereby increasing revenue to support

an expansion of services to students.

$20,980,000 $0

Saddleback Valley

Christian

City of San

Juan

Capistrano

501(c)(3) Variable

Rate

Refinance the cost of

acquiring, constructing,

rehabilitating,

improving, and general

facility development;

and finance additional

facility improvements.

Enable facility expansion to increase

enrollment by 600 students. Estimated

annual cost savings of over $1.5 million

thereby increasing revenue to support an

expansion of services to students.

Permanent jobs: 0


$20,725,000 $0

15

—

Loyola High

School of Los

Angeles

Name of

Borrower

City of Los

Angeles

Project

Location

501(c)(3)

APPENDIX 7

Type of Financing

Variable

Rate

Refund City of Los

Angeles Adjustable Rate

Certificates of

Participation.


Interest

Rate



Impact)

Estimated annual cost savings of

approximately $2 million thereby increasing

revenue to support an expansion of services

to students.

$19,000,000

Financing

Amount

$300,000

Leverage

Village School,

Inc.

San Francisco

Ballet

Community

of Pacific

Palisades

City of Los

Angeles

City of San

Francisco

501(c)(3)

501(c)(3)

Variable

Rate

Fixed

Rate

4.45%

Refund City of Los

Angeles Adjustable Rate

Certificates of

Participation, and to

finance the construction,

remodeling and

equipping of facilities,

including a library,

computer lab and

offices.

Refund up to $30

million of the


Estimated annual cost savings of

approximately $2.7 million. Reposition and

upgrade existing facilities located at the

main campus improving specialized

programs for students.

Permanent jobs: 0


Mitigate interest rate risk to allow for better

budgeting that will facilitate the continued

provision of cultural activities.

$9,880,000

$30,000,000

$70,000

$0

Orange County

Performing Arts

Center doing

business as

Segerstrom Center

for the Arts

City of

Costa Mesa

501(c)(3) Fixed

Rate

5.44%

Refund the outstanding

2008C Bonds issued by

I-Bank, the proceeds of

which were used to

finance a portion of the

Orange County

Performing Arts Center,.

issued by I-Bank.

Estimated cost savings of between $15,000

and $60,000 a month thereby increasing

revenue to support continued cultural

enrichment activities.

$28,000,000 $27,737,660

16

—

APPENDIX 7 BOND FINANCING PROGRAMS BONDS SOLD Fiscal Year 2010/2011

Name of

Borrower

Project

Location

Type of Financing Interest

Rate



Impact)

Total Bond

Financing

Programs Bonds

Sold

10 Estimated

FTE Jobs:

260

Estimated Construction

Jobs: 304.3

Total Estimated Jobs: 564.3

Financing

Amount

Leverage

$203,300,000 $49,402,645

17

APPENDIX 8—AUDITED STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN NET ASSETS OF THE

CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK9

(A COMPONENT UNIT OF THE STATE OF CALIFORNIA)

Fiscal Year 2010/2011

OPERATING REVENUES

Interest on loans receivable

Administration fees

Total operating revenues

California

Infrastructure and

Economic

Development Bank

Fund

$ 10,442,066 $ 1,535,375

$ 11,977,441

California

Infrastructure

Guarantee Trust

Fund

$

$

$

Total

10,442,066

1,535,375

11,977,441

OPERATING EXPENSES

Interest on revenue bond debt

Amortization of revenue bond issuance costs

Program support10

Total operating expenses

$ 5,708,393

$ 152,327

$ 2,673,325

$ 8,534,045

$

$

$

$

5,708,393

152,327

2,673,325

8,534,045

OPERATING INCOME $ 3,443,396 $ 3,443,396

NONOPERATING REVENUE

Investment income

Total nonoperating revenue

$ 362,472

$ 362,472

$

$

118,558

118,558

$

$

481,030

481,030

Change in net assets $ 3,805,868 $ 118,558 $ 3,924,426

NET ASSETS, Beginning of year $ 242,497,524 $ 24,313,832 $ 266,811,356

NET ASSETS, End of year $ 246,303,392 $ 24,432,390 $ 270,735,782

9 The Statement of Revenues, Expenses, and Changes in Net Assets is prepared on an accrual basis of accounting in accordance with generally accepted accounting principles. Data is from the

Comprehensive Annual Financial Report of the I-Bank for the year ending June 30, 2011. 10

Program support expenses represent administrative expenses of the I-Bank.

18

APPENDIX 9—STATEMENT OF CASH FLOWS BY PROGRAM OF THE

CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK11

(A COMPONENT UNIT OF THE STATE OF CALIFORNIA)

Fiscal Year 2010/2011

California Infrastructure and Economic

Development Bank Fund

California

Infrastructure

Guarantee Trust Fund

ISRF Program Bond Financing Programs12 Total

CASH FLOWS FROM OPERATING

ACTIVITIES

Receipt of interest on loans receivable $10,590,495 -- -- $10,590,495

Receipt of administration fees $1,089,014 $439,890 -- $1,528,904

Receipt of loan origination fees $21,250 -- -- $21,250

Receipt of principal on loans receivable $11,383,803 -- -- $11,383,803

Payment of outstanding loan commitments13 ($19,816,524) -- -- ($19,816,524)

Payment of program support $1,544,856 $879,772 -- ($2,424,628)

Net cash provided by operating activities $1,283,300

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES14

Refund of revenue bond issuance costs $4,048 -- -- $4,048

Payment of principal on revenue bond debt ($5,135,000) -- -- ($5,135,000)

Payment of interest on revenue bond debt ($6,143,803) -- -- ($6,143,803)

Net cash used for noncapital financing activities ($11,274,755)

CASH FLOWS FROM INVESTING ACTIVITIES

Receipt of interest on investments $80,184 $23,405 $123,150 $226,739

Purchase of investments ($10,474,542)

Net cash used for investing activities ($10,247,803

CHANGE IN CASH AND EQUIVALENTS ($20,239,258)

CASH AND EQUIVALENTS, Beginning of year $113,447,173

CASH AND EQUIVALENTS, End of year $93,207,915

11 This information is being provided pursuant to Government Code Section 63035(d). Cash flow data is from the Comprehensive Annual Financial Report of the I-Bank for the year ended June 30,

2011, except administration fees, program support and interest on investments data is from internal I-Bank records. 12

Conduit bonds issued through the I-Bank’s Bond Financing Programs do not constitute a debt or liability of the State or of any political subdivision of the State, other than a limited obligation of the I-Bank payable solely from the pledged revenues of the conduit borrower, nor are a pledge of the faith and credit of the State or any political subdivision thereof. As such, the conduit bonds issued by

the I-Bank’s Bond Financing Programs are not reflected on the I-Bank’s financial statements. 13

“Payment of outstanding loan commitments” means loan disbursements and also means local assistance. 14

“Cash flows from noncapital financing activities” represents the payment of principal and interest on bonds issued by the I-Bank to leverage the ISRF Program.

19

I-Bank Annual Activity Report 2010-2011(revised11.4.11)Transmittal Letter for the WebSummaryI-Bank Annual Activity Report 2010-2011(revised11.4.11)

ISRF Program: Bond Financing Programs 1: Total: ISRF Program_2: Total_2: applications that did not receive funding including the reasons the application did: 2: 31: 3500000: 760847: 10: 564: 203300000: 49402645: 12: 595: 206800000: 50163492: California Infrastructure and Economic Development CIEDB Fund and the: Name of Applicant: Project Location: Proposed Project Description: San Joaquin County Service Area44 Zone E: 740000: San Joaquin County Service Area44 Zone G: 910000: City of Delano: Public Safety Facilities Construct a police station: San Luis Obispo Regional Transit Authority: Public Transit Acquire transit bus maintenance and operation facility: 7200000: City of San Diego: 2000000: Humboldt Community Services District: County of Humboldt: 10000000: Coastside County Water District: Water Treatment and Distribution Add new water system pretreatment units: 6737500: 10000000_2: City of Williams: City of Williams_2: 2300000: Water Treatment and Distribution Drainage Water Supply and Flood Control Install three new water filters on existing wells and construct a new well and reservoir9: 49887500: Name of Applicant_2: Project Location_2: Proposed Project Description_2: KAKS Properties LLC: IDB: 2500000: Bay Photo Inc: City of Scotts Valley: 9000000: IDB2: Acquire three parcels of property totaling approximately 17 acres containing three vacant buildings totaling approximately 140000 square feet and construct develop and equip improvements thereto2: 11500000: undefined: McKinleyville Community Services District: County of Humboldt_2: 1000000: Coastside County Water District_2: County of San Mateo: 6737500_2: Water Treatment and Distribution Design construct and install new water system pretreatment units that will reduce the raw water turbidity to meet California Department of Public Health requirements upgrade the wash water handling system and improve the chemical storage and feed systems plant control system and raw water pumps to the Denniston Creek Water Treatment Plant2: 7737500: Name of Applicant_3: Project Location_3: Proposed Project Description_3: KAKS Properties LLC_2: IDB_2: 2500000_2: Columbia College doing business as Columbia College Hollywood: 501c3: 5240000: Maguire Aviation III: City of Los Angeles: 57000000: Claremont University Consortium: City of Claremont: 501c3_2: 9000000_2: Cascade Sierra Solutions: Statewide: 501c3_3: 300000000: Loyola High School: City of Los Angeles_2: 501c3_4: 22000000: Sage Hill School: 501c3_5: 24000000: undefined_2: Name of Applicant_4: Project Location_4: Proposed Project Description_4: Saddleback Valley Christian: 501c3_6: 21000000: Village School Inc: 501c3_7: 9000000_3: San Francisco Ballet Association: City of San Francisco: 501c3_8: 30000000: City of Costa Mesa: 501c3_9: 56550000: The Broad Collection: City of Los Angeles_3: 501c3_10: 150000000: City of Scotts Valley_2: 8775000: IDB13: Acquire three parcels of property totaling approximately 17 acres containing three vacant buildings totaling approximately 140000 square feet and construct develop and equip the improvements13: 695065000: Name of Applicant_5: Project Location_5: Amount Requested: Category and Proposed Project Description: Reasons: City of Emeryville Redevelopment Agency: County of Alameda: 2000000_2: 10292009: 792010: San Joaquin County Service Area 44 Zone E: 740000_2: 712010: 7212010: San Joaquin County Service Area 44 Zone G: 910000_2: 722010: 7212010_2: Arcade Creek Recreation and Park District: County of Sacramento: 500000: 332010: 9212010: City of Delano_2: City of Delano_3: 10000000_3: Public Safety Facilities Construct a police station_2: 8182010: 9302010: San Luis Obispo Regional Transit Authority_2: 7200000_2: Public Transit Acquire transit bus maintenance and operation facility: 10272010: 792010_2: Withdrawn Applicant requested application be withdrawn due to high Project purchase costs: Redevelopment Agency of the City of San Diego: City of San Diego_2: 2000000_3: 10262010: 1212011: Humboldt Community Services District_2: County of Humboldt_3: 10000000_4: 8: Sewage Collection and Treatment Construct new wastewater conveyance components within an existing wastewater system33350000: 1210201033350000: 316201133350000: Withdrawn Applicant requested application be withdrawn until new rates are implemented and a separate enterprise is created for the wastewater system33350000: El Dorado County Fire Protection District: County of El Dorado: 324: A state of the art public safety facility that will accommodate a larger permanent fulltime male and female fire safety staff on duty 247 that will be constructed to comply with current earthquake standards and Americans with Disability Act The project will provide effective and reliable fire protection to the recently constructed Shingle Springs Rancheria Red Hawk Casino Permanent jobs 18 Estimated Construction jobs 85: 2500000_3: 493075: undefined_3: McKinleyville Community Services District_2: County of Humboldt_4: Enhance water supply for peak use periods and fire flows for the entire service area and supports planned development at the ArcataEureka airport industrial park Permanent jobs 0 Estimated Construction jobs 47: 1000000_2: 267772: Total ISRF Program Loans Approved: 3372: Water Treatment and Distribution Design construction and improvement of the Grant A Ramey Pump Station including the installation of two new water system vertical turbine pumps equipped with variable frequency drives and tiein to existing lines the upgrade of electrical service equipment installation of a new generator construction of a new concrete pad and the installation of an emergency chlorination system2: Estimated FTE 7 Jobs 18: Total Estimated Jobs 312: 3500000_2: 760847_2: undefined_4: Name of Borrower: Project Location_6: Type of Financing: Interest Rate: Leverage: USC Health Science Building LLC: City of Los Angeles_4: 501c3_11: Fixed Rate 407 TIC 8: 36975000: 0: Buck Institute for Age Research: City of Novato: 501c3_12: Variable Rate: Construct research facilities and refund up to 10 million of the outstanding 2001 Bonds issued by IBank: 30000000_2: 20500000: KAKS Properties LLCHydro Systems Inc: IDB_3: Variable Rate_2: 2500000_4: 580700: undefined_5: Name of Borrower_2: Project Location_7: Type of Financing_2: Interest Rate_2: Leverage_2: Columbia College doing business as Columbia College Hollywood_2: Community of Tarzana City of Los Angeles: 501c3_13: Variable Rate_3: Estimated annual cost savings of over 200000 thereby increasing revenue to support an expansion of services to students: 5240000_2: 214285: Sage Hill School_2: Community of Newport Coast City of Newport Beach: 501c3_14: Fixed Rate 4625: Estimated annual cost savings of over 451000 will result in reduced operating costs thereby increasing revenue to support an expansion of services to students: 20980000: 0_2: Saddleback Valley Christian_2: City of San Juan Capistrano: 501c3_15: Variable Rate_4: 20725000: 0_3: Name of Borrower_3: Project Location_8: Type of Financing_3: Interest Rate_3: Leverage_3: Loyola High School of Los Angeles: City of Los Angeles_5: 501c3_16: Variable Rate_5: Refund City of Los Angeles Adjustable Rate Certificates of Participation: Estimated annual cost savings of approximately 2 million thereby increasing revenue to support an expansion of services to students: 19000000: 300000: Village School Inc_2: Community of Pacific Palisades City of Los Angeles: 501c3_17: Variable Rate_6: 9880000: 70000: San Francisco Ballet: City of San Francisco_2: 501c3_18: Fixed Rate 445: Refund up to 30 million of the outstanding 2008 Bonds issued by IBank: Mitigate interest rate risk to allow for better budgeting that will facilitate the continued provision of cultural activities: 30000000_3: 0_4: City of Costa Mesa_2: 501c3_19: Fixed Rate 544: Estimated cost savings of between 15000 and 60000 a month thereby increasing revenue to support continued cultural enrichment activities: 28000000: 27737660: Project Location_9: Type of Financing_4: Interest Rate_4: Project Description: Leverage_4: 10_2: 203300000_2: 49402645_2: 1: 2_2: 1_2: 2_3: 3: 4: undefined_6: CASH FLOWS FROM OPERATING ACTIVITIES: TotalCASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by operating activities: Row1: CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES 14: CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES 14_2: 1283300CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES 14: 6143803Net cash used for noncapital financing activities: Row1_2: 6143803CASH FLOWS FROM INVESTING ACTIVITIES: CASH FLOWS FROM INVESTING ACTIVITIES: 11274755CASH FLOWS FROM INVESTING ACTIVITIES: 80184Purchase of investments: 23405Purchase of investments: 123150Purchase of investments: 80184Net cash used for investing activities: 123150Row2: undefined_7: CASH AND EQUIVALENTS Beginning of year: Row1_3: CASH AND EQUIVALENTS End of year: Row2: undefined_8:

annual activity report...this annual activity report (annual report) is submitted in accordance with...

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