IBank Board Approves Financing for City of San Luis Obispo, Getty Trust and City of Goleta

Feb 27, 2020

Getty logoSACRAMENTO – The California Infrastructure and Economic Development Bank (IBank) Board of Directors approved financings for the J. Paul Getty Trust, the City of San Luis Obispo and the City of Goleta at Wednesday’s meeting.

The Board approved a revenue bond not to exceed $250,000,000 that will benefit The J. Paul Getty Trust. They will use the bond proceeds to finance and refinance an eligible project within the City of Los Angeles. The charitable trust dedicated to the presentation, enjoyment, study and conservation of the visual arts and humanities has two projects in Los Angeles that have been financed through IBank.

The Board also approved Infrastructure State Revolving Fund program financing requests from the City of San Luis Obispo and the City of Goleta. San Luis Obispo was approved for an amount not to exceed $14,300,000 to finance a water energy efficiency project while the City of Goleta was approved for an amount not to exceed $10,000,000 to finance the purchase of City Hall.

“IBank financing is helping three different communities with three vastly different projects and it just shows the impact we can have throughout the state,” Executive Director Scott Wu said. “We get to help a trust save money, a city become their own landlords of city hall and we are helping another city with a vital water efficiency project.”

About the California Infrastructure and Economic Development Bank
IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member Board of Directors. IBank has broad authority to issue tax-exempt and taxable revenue bonds, provide financing to public agencies, provide credit enhancements, acquire or lease facilities, leverage State and Federal funds and provide loan guarantees and other credit enhancements to small businesses. Find more information on our website.

Gabrielle Stevenson
Public Information Officer
Email Gabrielle, HERE
Phone: (916) 341-5568