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Julia H. Cooper, Director of Finance
Luz Cofresí-Howe, Assistant Director of Finance
City of San José Financing Authority's Wastewater Revenue Bonds Receive Three "AAA" Credit Ratings
These are the Authority's first "Climate Bond Certified" Bonds
SAN JOSE, Calif. (November 29, 2022) – The City of San José Financing Authority ("Authority") received "AAA" ratings, the highest possible, from three major international credit rating agencies – S&P Global Ratings (S&P), Fitch Ratings (Fitch) and Kroll Bond Rating Agency (Kroll) for up to $300 million in Wastewater Revenue Bonds, Series 2022B (Bonds). The Bonds will be designated "Climate Bond Certified" – the first such "green" bond issuance for the Authority and the City.
"The City is very pleased and expects that sewer rate payers will benefit from lower borrowing costs," said Julia H. Cooper, Director of Finance.
The sale of the Bonds was recently approved by the City Council and the Authority Board. Proceeds from the Bond sale will pay back outstanding notes that funded a diverse range of Capital Improvement Program projects at the San José - Santa Clara Regional Wastewater Facility (RWF).
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The RWF projects, consisting of improvements and upgrades to nearly every phase of the wastewater treatment process, have significant environmental benefits that align with both the City's bold sustainability goals and many of the United Nations Sustainable Development Goals.
Kerrie Romanow, Director of Environmental Services, said, "We are thrilled to issue the City's first ever Climate Bonds and pave the way to continue advancing our sustainability goals through critical Capital Improvement Program projects at the RWF."
Climate Bonds Initiative (CBI), an independent, not-for-profit organization that mobilizes the bond market for climate change solutions, certified the bonds as "Climate Bond Certified." CBI's established certification program is used globally to prioritize investments that address climate change and enables eligible projects to be recognized as "Climate Bond Certified."
Retail sale for the Bonds is expected to begin on November 30, 2022, followed by the institutional sale on December 1, 2022. The Bonds are anticipated to be issued on December 15, 2022.
About the City of San José
With more than one million residents, San José is one of the most diverse large cities in the United States and is Northern California's largest city and the 10th largest city in the nation. San José's transformation into a global innovation center has resulted in one of the largest concentrations of technology companies and expertise in the world. In 2011, the City adopted Envision San José 2040, a long-term growth plan that sets forth a vision and a comprehensive road map to guide the City's anticipated growth through the year 2040.
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The ratings assigned by S&P, Fitch and Kroll to the Authority's proposed Bonds reflect only the views of S&P, Fitch and Kroll, and an explanation of the significance of the ratings, and any outlook assigned to or associated with the ratings, should be obtained from S&P, Fitch and Kroll. A credit rating of a security, like the Bonds, is not a recommendation to buy, sell or hold securities and may be subject to review, revisions, suspension, reduction or withdrawal at any time by the rating agencies.
This press release is neither an offer to sell nor a solicitation to buy the Bonds, nor shall there be any sale of the Bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of the Bonds described in this press release can only be made by a Preliminary Official Statement dated November 18, 2022, relating to the Bonds. The Preliminary Official Statement can be accessed online at City of San José Financing Authority | MuniOS. Registration is required to view the information. A decision to purchase the Bonds is an investment decision that should only be made after a complete review and understanding of the terms of the Bonds, including investment risks. No decision should be made prior to receipt and review of the Preliminary Official Statement and applicable pricing information. There may have been events that occurred subsequent to November 18, 2022 that may have a material adverse effect on the financial information that is presented in the Preliminary Official Statement, and neither the City nor the Authority have undertaken any obligation to update the Preliminary Official Statement since such date.
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