BOND OPPORTUNITIES FOR LAND DEVELOPMENT
BOLD Program
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 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 City of Manteca 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?
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
The BOLD Program also allows for the ongoing funding of services The BOLD Program
Community Facilities District Basics
Under the BOLD Program, CMFA will create Community Facility Districts to finance eligible improvements.
The BOLD Program
Benefits
Outsourcing of the CFD formation and bond issuance process No cost to join the program and any administrative costs that are borne by the City are reimbursed Tax bills reflect CMFA and not the City of Manteca name No ongoing continuing disclosure requirement by City of Manteca Bond documents and actions all undertaken by CMFA
Provides funding source for new public improvements
BOLD team conducts detailed review of Developer payment requests and administers disbursement of CFD bond proceeds upon obtaining City of Manteca approvals In the case of default, no liability to the City
The BOLD Program
Select Benefits for the City of Manteca
Ability to levy special taxes at the maximum tax rate. Funds available for the City annually, after priority administrative expenses, debt service payments, and pay GO (if applicable) After bonds mature, ability to convert a portion of facilities special tax into long-term services or maintenance tax for the life of the District to fund City Improvements.
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 City of Manteca Minimum Requirements to Participate:
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 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
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 smallerCFDs (in termsof 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
CMFA strives to maintain a fee structure that is lower than other JPA conduit issuers. In addition to lower borrowing and administration costs, CMFA shares a portion of all issuance fees directly with its member communities. A grant from a portion of the issuance fee is made to the California Foundation for Stronger Communities (CFSC) to fund charities designated by the member communities and approved by the CFSC Board of Directors.
A portion of the annual fees received by CMFA will also be directed to charitable activities within California communities. This unique commitment to give back directly to the communities in which we operate sets CMFA apart from other JPA conduit issuers operating in the State.
By supporting our member communities and their local charities, CMFA is able to directly contribute to the health and welfare of the residents of California. Over $34 million of charitable donations has been given to worthy California non-profits thanks to the CMFA fee sharing.
Giving Back to Communities
CMFA sends 25% of revenues generated from Bond Financing to the Respective Local Agencies for Administrative Work CMFA Donates 25% of Revenues Generated from Financing Activities to CFSC.
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
Madera
Merced
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 Sacramento
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
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
Madera
Merced
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
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
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
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
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
City of Riverbank
Fairview Village Unit 1 & 2
City of Modesto
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
Barrett Ranch East
Wildhawk North
The Gap
The Paseos at Carmichael
Sacramento County
Harvest at Loomis
Town of Loomis
Twelve Bridges
Greyson
Fullerton Ranch
Esplanade at Turkey Creek
Twelve Bridges Village 3
Magnolia Village
Twelve Bridges Village 27
City of Lincoln
Ligurian Village
County of San Joaquin
Coldstream
Raleys Project
Truckee Railyard
Soaring Ranch
Town of Truckee
The BOLD Program
BOLD has been underway since 2018
Cost-effective and timely alternative to provide CFD financing for smaller projects Flexibility on special tax rates and structure; no benefit finding required Since 2018, 72 local jurisdictions have approved the BOLD Program To date, BOLD Program has formed approximately Community Facilities Districts Since 2018, approximately $536.37 million in bonds have been issued for 80+ separate projects In the second half of 2025, an additional $100 million in bonds are expected to be issued for another 11 projects BOLD team is happy to talk through any project prior to application Summary
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