Fresno City Council
May 7, 2026

CMFA BOLD | 1
Presentation
for the
City of Fresno
BOLD Program

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The BOLD Program
 Bond Opportunities for Land Development (BOLD) is a financing program offered by the California Municipal Financing Authority (CMFA) that allows for the financing of public infrastructure and impact fees for development projects.
 Any public agency can participate in the BOLD program, which offers low- cost, tax-exempt financing for development projects.
 To facilitate the program, Community Facilities Districts (CFDs) will be formed, managed and administered by CMFA, and minimal public agency efforts will be required in the process. The formation of a CFD will not necessitate the issuance of bonds or payment of debt service until a project is ready to issue debt.
 A CFD may be formed for a project with bonds issued at a later time when it best meets the project’s development timeline.
 Bonds will be issued at multiple times throughout the year and may include more than one CFD, offering the advantage and option of low-cost, pooled financing.

What is the BOLD Program and why is it being offered?

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The BOLD Program
Eligible improvements are extremely flexible and include:
 Streets and Sidewalks
 Sewer and Water Treatment Capacity
 Water and Sewer Lines
 Flood Control
 Parks
 Open Space
 Street Lighting
 School Facilities
Additionally, the BOLD Program allows for the financing of fees, including:
 City and Fees or County Fees (may require agreement)
 School Fees (requires an agreement with the school
district)
 Special District (requires agreement)
The BOLD Program also allows for the ongoing funding
of services.

Community Facilities District Basics
Under the BOLD Program, CMFA will create Community Facility Districts to finance eligible improvements and local agency fees.

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The BOLD Program
 A Local Agency is required to become a Member of CMFA (CMFA Membership is free)  Local Agency may have a consultant review the financing plan to ensure that it meets with the Local Agency’s Goals and Policies
 The Local Agency adopts a Resolution consenting to use BOLD (Sample Resolutions are available from Jones Hall)
 Jones Hall will approve the eligibility of improvements and fees based on consultation with Local Agency
 An acquisition agreement will be executed between the Local Agency and CMFA to reimburse the developer for public improvements and/or fees
 The Local Agency will accept completed improvements and/or fees, and requisition of funds Local Agency Requirements

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The BOLD Program
Local Agency Benefits
1  Outsourcing of the CFD and formation and bond issuance process  Limited local agency participation
2  No cost to join the program and any administrative costs that are borne by the local agency are reimbursed
3  Tax bills reflect CMFA and not the local agency name 4  No ongoing continuing disclosure requirement (unlike if local agency issued bonds) 5  Local Agency Council actions limited to Joining CMFA, joining BOLD and approving acquisition agreement
6  Bond documents and actions all undertaken by CMFA
7  Provides funding source for new public improvements and impact fees 8  BOLD team conducts detailed review of Developer payment requests and administers disbursement of CFD bond proceeds upon obtaining local agency approvals 9  In the case of default no liability to the local agency CMFA BOLD | 6
The BOLD Program
 Minimum size of $500,000
 Required deposit to pay for
formation of the CFD
 While a CFD can be formed, bond
issuance will typically need to
meet the following conditions:
 Project must have all discretionary
development entitlements
 Tax burden (including all other taxes)
cannot exceed 2% of the estimated
value of the home
 Value of the property must be at least 4
times the bond lien and other
overlapping debt
 Project must meet the goals and
policies of the local jurisdiction
Minimum Requirements to Participate:

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 Local Agency agrees to
approve the project’s
participation in BOLD
 Local Agency does not
issue debt or provide
ongoing administration
and continuing
disclosure documents
 BOLD team works with applicant
and local agencies to determine
which facilities and impact fees are
eligible to be funded with tax-
exempt bond proceeds or, if
needed, taxable bonds
 Tax-exemption - Fees must be
used on eligible capital projects
and be expended within 3 years
The BOLD Program
CFD Formation Steps
 Developer submits
application for their project to
participate in BOLD
 An Application for the
program is available as a
PDF document that can be
filled out and submitted to
CMFA online.

Developer provides deposit to CMFA to pay for formation of the CFD Special tax consultant drafts the Rate and Method of Apportionment and prepares CFD boundary map CFDs are established by CMFA and special taxes are billed in CMFA’s name Formation proceedings are conducted by CMFA
Public hearing and landowner vote are conducted by CMFA CFDs can be formed in as little as 3 months
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The BOLD Program
Bond Issuance Steps
 Once the CFD is
formed and special
tax is authorized to
be levied, Bonds can
be issued

 Bonds can be issued
shortly after CFD
formation or after an
extended period of
time depending on
needs of project and
status of
development
 Bonds for larger
CFDs may be issued
on a stand-alone
basis
 Most smaller
CFDs (in terms
of units and amount
borrowed) will be
issued as part of a
Pooled Bond
Funding Program –
bonds for multiple
CFDs issued through
a single bond issue
 CMFA authorizes the
sale of the bonds and
issues bonds upon
request
 CMFA approves
Bond and disclosure
documents
 Bonds are marketed
and sold to investors
by Piper Sandler
 Financing is closed
and funds are
delivered to pay
infrastructure costs
and impact fees
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Authorized Jurisdictions
Inyo
Kern
San Bernardino
Siskiyou
Fresno
Tulare
Lassen
Riverside
Modoc
Shasta
Trinity
Mono
Imperial
Tehama Plumas
San
Diego
Butte
Glenn
Humboldt
Monterey
Mendocino
Los
Angeles
Lake
MaderaMerced
Yolo
Placer
Kings
Tuolumne
Sonoma
San Luis
Obispo
El Dorado
Colusa
Sierra
Mariposa
Napa
Stanislaus
Nevada
Yuba
Solano
San
Benito
Alpine
Del
Norte
San
Joaquin
Santa
Clara
Sutter
Calaveras
Marin
Orange
Alameda
Sacramento Amador
San
Mateo
Santa
Cruz
Santa
Barbara
Ventura
Contra
Costa
City of Oakley
City of Lincoln
City of Roseville
City of Fairfield
City of Suisun City
City of West Sacramento
City of Elk Grove
Dry Creek JESD
Western Placer USD
City of Palmdale
City of Lancaster
City of Jurupa Valley
City of Santa Clarita
Newman-Crows Landing USD
Central Contra Costa Sanitary Dist.

County Sanitation Dist. #14, LA County
County Sanitation Dist. #20, LA County
Cordova Recreation & Park District
Cosumnes Community Services Dist.

Diablo Water District
Fairfield-Suisun Sewer District
Jurupa Area Recreation & Park District
Quartz Hill Water District
Palmdale Water District
SAC Regional Co. Sanitation Dist.

Santa Clarita Valley Sanitation District
Santa Clarita Valley Water Agency
City of Woodland
City of Vacaville
City of Tustin
City of Santa Maria
City of Los Banos
City of San Bruno
City of Sebastopol
City of Merced
City of Loomis
City of Truckee
City of Rocklin
City of Modesto
City of Oroville
City of Hesperia
City of Calimesa
City of Riverbank
City of Escondido
City of Victorville
City of Rancho Cordova
Loomis USD
Eureka USD
Roseville JUHSD
Placer County
Yuba County
Calaveras County Water District
Sacramento County
Hesperia Water District
Olivehurst Public Utility District
Placer County Water Agency
Placer UHSD
Rubidoux Community Services District
Sacramento Area Sewer District
Sacramento County Water Agency
South Placer RTA
South Placer Wastewater Authority
Truckee Donner Public Utility District
Truckee Sanitary District
City of Chico
San Joaquin County
City of Stockton
Auburn Union SD
City of Sacramento
City of Hanford
City of Manteca
City of Moreno Valley

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Developer Projects
Inyo
Kern
San Bernardino
Siskiyou
Fresno
Tulare
Lassen
Riverside
Modoc
Shasta
Trinity
Mono
Imperial
Tehama Plumas
San
Diego
Butte
Glenn
Humboldt
Monterey
Mendocino
Los
Angeles
Lake
MaderaMerced
Yolo
Placer
Kings
Tuolumne
Ventura
Sonoma
San Luis
Obispo
El Dorado
Colusa
Sierra
Santa
Barbara
Mariposa
Napa
Stanislaus
Nevada
Yuba
Solano
San
Benito
Alpine
Del
Norte
San
Joaquin
Santa
Clara
Sutter
Calaveras
Marin
Orange
Alameda
Sacramento Amador
San
Mateo
Santa
Cruz
 River Oaks South
 Plumas Lake-Leak
 Wheeler Ranch II
Yuba County
 Liberty Village
 Diamond Creek
 Sierra View
 Verrado II
 Pinnacle
 Roseville 10
City of Roseville
 Douglas 98
 Bradshaw Village Parc
 Sunridge Park IIII
City of Rancho Cordova
City of West Sacramento
 The Rivers
City of Woodland
 Ruby Estates  Merritt Ranch
 Sierra Pine
 Granite Bluff
 Rocklin Meadows
 Croftwood II & Crowne
Point
 Wildcat West
 Monument
Springs
 Whitney Ranch Unit 49
City of Rocklin
 Meridian West
City of Suisun
 700 PARC on Main
City of Vacaville
City of Fairfield
 Monte Verde
City of Elk Grove
 Madeira Meadows
 Milestone
 Mendes
 Elk Grove Landing
 Poppy Keys
Southwest
 Souza Dairy
 Madeira Ranch
 Telos Greens
 Mattos Ranch
Newman Crows Landing USD  Spring Canyon
Santa Clarita Valley Water District
 Tesoro Highlands
City of Santa Clarita
City of Merced
City of Chula Vista
 Otay Ranch
 Sunbow
 Village 8 West
 Summerwind
 5th Street Townhomes
City of Calimesa
 Summerwind
City of Escondido
 Nutmeg
 Rosegate
 RC Hobbs
 Emerald Ridge
 Rock Rose & Bayberry Place
 Paradise Knolls
 Canal Street
 Countryside & Las Palmas
Jurupa Area Recreation and Park District
 Placer Vineyards
 Morgan Knolls
 PV 400
 Bickford Ranch
 Eureka Grove
 Eureka at GB
 Brady Vineyards
 Cabral Ranch
 Auburn Douglas
Duets
 The Glen at GB
 Rancho del Oro
 The Park at
Granite Bay
 Whitehawk II
 Winding Creek
 Briar Meadows
 Double S Ranch
Placer County
 Crossroads West Specific Plan
 Diamond Bar East
 Heritage Collection
 Heritage II & Grasslands II
City of Riverbank
 Fairview Village Unit 1 & 2
 The Crossings
 Monte Vista
 Town square
 Hat Ranch  Pacific Palacio
 Pacific Agave &
Pacific Lily
 Topaz
City of Lancaster
 Creekside, Wildflower & Poppy
City of Palmdale
 Jasper & Crossings
City of Victorville
 Silverwood
City of Hesperia
 Mojave Pointe
 Barrett Ranch East
 Wildhawk North
 The Gap
 The Paseos at
Carmichael
 Antelope 40
 Murieta Hills
 Murphy Oxform
 Blossom Ridge
Sacramento County
 Harvest at Loomis
Town of Loomis
 Ligurian Village
 Twelve Bridges
 Greyson
 Fullerton Ranch
 Esplanade at
Turkey Creek
 Hidden Hills
 Twelve Bridges
Village 3
 Magnolia Village
 Twelve Bridges
Village 27
City of Lincoln
County of San Joaquin
 Coldstream
 Raleys Project
 Truckee Railyard
 Soaring Ranch
Town of Truckee
City of Modesto
Denair CSD
Calaveras Co WD
City of Manteca
 Tesoro Square
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The BOLD Program
Summary
 BOLD has been underway for 8 years
 Cost-effective and timely alternative to provide CFD financing for smaller projects  Flexibility on special tax rates and structure; no benefit finding required  Ability to fund school fees
 Multiple local governments throughout California have approved the use of BOLD.  Understanding of impact fees that can and cannot be funded with tax -exempt bond proceeds – streamlining the application approval process
 Through December 2025:
 77 local agencies have approved the use of BOLD Program  113 Community Facilities Districts throughout the State have been formed under the Program  $675 million in bonds have been issued for 70+ separate projects, financing improvements for a total of 12,000+ housing units.
− 21 Pooled Financings
− 24 Standalone Financings
 In 2026:
 2 local agencies have approved the use of BOLD Program  2 CFDs formed and 17 CFDs under formation
 9 Bond Financings expected to be priced in 2026 - 3 Pooled and 6 Standalone financings