At an awards banquet held on December 3, 2008, at the New York Academy of Science in Manhattan, the City of Oxnard, California, received the prestigious "Far West Deal of the Year" award from The Bond Buyer, the premier public finance industry periodical. The City earned the award for its Gas Tax Revenue Certificates of Participation (2007 Street Improvement Program). Goodwin Procter served as Bond Counsel and Disclosure Counsel for the transaction, which represented the first time that (i) gas tax revenues were pledged as security under an installment payment structure, (ii) no backstop general fund pledge was required beyond the gas tax revenue pledge, and (iii) a triple-A rated bond insurer provided insurance for a financing secured solely by a gas-tax-pledge. The financing structure has since been replicated by several other California municipalities.
Alert December 29, 2008