Start construction now. Let the federal and state loans catch up.

01 · The problem

USDA, State Revolving Fund and WIFIA loans offer low rates, but they often fund at or after completion. Agencies need capital to build in the meantime.

02 · How it works

We review the project, the program you are pursuing, and your rate base.
CalMuni PFA issues short-term notes to fund construction.
When the USDA, SRF or WIFIA loan closes, it repays the notes.
Where long-term market financing is the better fit, CalMuni PFA issues revenue bonds instead.

03 · What you get

Construction funded on your schedule.
Repayment from utility revenues, not the general fund.
Every financing competed among banks, institutional investors or underwriters.
Pooling for smaller agencies, with no cross-liability.

04 · What it takes

Free CalMuni PFA membership, with no obligation to finance.
Project scope and budget, three years of audited financials, and your current rate study.

05 · Questions

Do we need a funding commitment first?: No, but it helps. We can structure around a program application in progress.
Does this affect our general fund?: No. Repayment comes from utility revenues.

06 · Your contact

Reach the Authority team through the Contact page at calmunipfa.com/contact.