California Public Finance Authority

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California Public Finance Authority

California Public Finance Authority (“CalPFA”) is a political subdivision of the State of California established under the Joint Exercise of Powers Act for the purpose of issuing tax-exempt and taxable conduit bonds for public and private entities throughout California. CalPFA was created by Kings County and the Housing Authority of Kings County, California.

CalPFA is empowered to promote economic, cultural, and community development opportunities that create temporary and permanent jobs, affordable housing, community infrastructure and improve the overall quality of life in local communities.

Independent Registered Municipal Advisor Exemption

By publicly posting the following written disclosure, the California Public Finance Authority (“CalPFA”) intends that market participants receive and use it for purposes of the independent registered municipal advisor exemption to the SEC Municipal Advisor Rule.  CalPFA has retained an independent registered municipal advisor.   CalPFA is represented by and will rely on its municipal advisor GPM Municipal Advisors, LLC (“GPM”) to provide advice on proposals from financial services firms concerning the issuance of municipal securities and municipal financial products.  This certificate may be relied upon until July 1, 2025.  Proposals may be addressed to CalPFA, care of any of the Program Administrators listed on CalPFA’s Contact Us page.  All proposals received will be shared with CalPFA’s municipal advisor.

Cost Effective

CalPFA is authorized to issue bonds for standalone or multi-jurisdictional projects throughout California. The use of tax-exempt bonds to finance a project and possible economies of scale may provide a lower interest rate and reduce the borrower's finance costs.

Accountable and Transparent

CalPFA is governed by the Kings County Board of Supervisors and requires local government oversight and approval for financings to ensure accountability and transparency. CalPFA also fully complies with SB99 relating to a joint exercise of powers authority reporting and disclosure requirements.


CalPFA works effectively and efficiently with each borrower’s finance team to satisfy the requirements of the government approval process, including local TEFRA approval and securing volume cap (if applicable). CalPFA will consider all requests to work with pre-assembled finance teams.

Financial Access

CalPFA increases access to the municipal bond market by providing technical assistance and post-issuance compliance services on behalf of local governments that may otherwise be unable to issue conduit bonds due to limited resources.


CalPFA has selected a Program Administrator with more than 30 years of experience in tax-exempt private activity and municipal finance, including post-issuance compliance requirements.

Community Benefit Program

The CalPFA Community Benefit Program provides for the sharing of a percentage of the CalPFA Annual Administration Fee with each TEFRA hearing jurisdiction for the term of the bonds.