City of El Centro issues $40.8 million in bonds, Measure P funds, for new police headquarters

EL CENTRO – The City of El Centro closed on its $ 40.8 million Lease Revenue Bond issue on May 23, which raised funds for the construction of a brand new and much- needed police headquarters building.

According to a press release from the City of El Centro, the project is an important advancement for the City’s ambitious and extensive Measure P Plan – focusing on improving and replacing important facilities needed by the City’s residents and employees. The proceeds of the bond financing, in conjunction with Measure P reserves, will be used to provide funding for the City of El Centro’s brandnew $ 38 million police headquarters building.

Measure P, a half percent sales tax increase approved by the voters in November 2016, had a goal to improve and enhance the day- to- day life and opportunities for the residents in the city, per the release.

The bonds were issued with an S& P Global Ratings of a very strong ‘A’ credit rating and sold to institutional and retail investors across the State of California and the United States. NHA Advisors, the city’s financial consultant and municipal advisor, assisted with bond issuance. The bonds were underwritten by Samuel A. Ramirez & Co., Inc., with the Norton Rose Fulbright law firm serving as bond and disclosure counsel to the city, the release reads.

“These bond funds will help the City of El Centro upgrade this public safety facility from an antiquated building built in the 1950s to a state- of- theart facility where our police officers can conduct their very important jobs with all of the modern technologies and tools available to them,” Mayor Martha Cardenas- Singh said in the press release.

“The funding of this essential project illustrates the ( El Centro) City Council’s commitment to honor our citizen’s desire to put these dollars to work, like the recently opened library, to propel and accelerate the city’s quality of life for the benefit of all residents and stakeholders,” said Cardenas- Singh.

“The residents of the city expect and demand that these essential services be delivered in the most efficient and effective way possible. We believe we can deliver on that promise through this low- cost financing and leveraging of Measure P funds,” she said.

“We are extremely satisfied with the outcome of this financing,” Cedric Ceseña, Interim City Manager, said in the press release. “The city council tasked our city team with procuring the necessary funds at the most favorable terms. Thanks to the collaborative efforts of our city staff, financial advisor, bond counsel, and underwriter, we successfully expedited this transaction to take advantage of the prevailing low- interest rates.”

“Our careful financial management, including strategic borrowing like this bond financing, enables the city to consistently provide the quality services our residents deserve. By doing so, we contribute to the ongoing development and prosperity of our city,” Ceseña said.

The City of El Centro is located in and is the County Seat of Imperial County and is home to over 44,000 residents.