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Cal Cities-sponsored bond agency issues a $98 million taxable loan for a scientific research institute in La Jolla

March 10, 2021
The Salk Institute for Biological Studies based in the city of La Jolla will refinance existing bonds with the closing of a $98 million taxable loan through the California Statewide Communities Development Authority (CSCDA).
 
About the Salk Institute
 
Founded in 1960 by Jonas Salk (the developer of the polio vaccine), the Salk Institute is an independent, non-profit, scientific research institute that employs over 850 researchers in 60 research groups and focuses its research in three main areas: molecular biology and genetics; neurosciences; and plant biology. Research topics include cancer, diabetes, birth defects, Alzheimer's disease, Parkinson's disease, AIDS, and the neurobiology of American Sign Language.
 
CSCDA partnered with Prager & Company, First Republic Bank, and Hawkins, Delafield and Wood to refinance the Salk Institute’s prior issued bonds, improving cash-flow to accommodate growing needs for research and optimization of solutions for health and welfare of all.
 
Cal Cities' co-sponsorship of CSCDA continues to be a significant benefit for cities. CSCDA has issued more than $63 billion in tax-exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools, and other fundamental services.
 
CSCDA is a joint powers authority created in 1988 and is sponsored by the League of California Cities and the California State Association of Counties. More than 530 cities, counties, and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently finance locally-approved projects.
 
Visit CSCDA’s website for additional information on the ways in which CSCDA can help your city.


 
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