Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2017-A (Green Bonds) and Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2017-B

The Los Angeles County Metropolitan Transportation Authority (LACMTA) issued $556,850,000 in Proposition A First Tier Senior Sales Tax Revenue Bonds in October 2017. This includes $471,395,000 in Series 2017-A 'Green Bonds' for rail transit projects and $85,455,000 in Series 2017-B refunding bonds. The bonds are secured by a first lien on a one-half cent retail sales tax in Los Angeles County and carry high credit ratings (Moody’s Aa1, S&P AAA).

• The Los Angeles County Metropolitan Transportation Authority (LACMTA) issued two series of bonds on October 12, 2017: the Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2017-A (Green Bonds), totaling $471,395,000, and the Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2017-B, totaling $85,455,000.
• The total amount of the Series 2017 Bonds is $556,850,000.
• Proceeds from the Series 2017 Bonds, combined with other available funds, are designated for four primary purposes: financing or refinancing the development and construction of rail transit system projects (including those identified as environmentally beneficial), refunding and defeasing certain outstanding bonds on an advance basis, making a deposit to the reserve fund, and paying issuance costs.
• The Series 2017 Bonds are limited obligations of LACMTA, secured by a first lien on and pledge of Pledged Revenues. These revenues include a one-half cent retail transactions and use tax imposed in the County of Los Angeles for public transit, minus administrative fees and a 25% payment to local jurisdictions.
• The bonds are not backed by the full faith and credit or taxing power of the State of California, the County of Los Angeles, or any other political subdivision or public agency, except for LACMTA to the extent of the Pledged Revenues and specific amounts held by the Trustee.
• The Series 2017-A Bonds have a maturity schedule ranging from July 1, 2022, to July 1, 2042, with principal amounts for each maturity ranging from $13,200,000 to $35,015,000 and a consistent interest rate of 5.000%.
• The Series 2017-B Bonds have two maturity dates: July 1, 2022, for $41,685,000 and July 1, 2023, for $43,770,000, both with an interest rate of 5.000%.
• The Series 2017-A Bonds are subject to redemption prior to maturity, whereas the Series 2017-B Bonds are not.
• The Series 2017-A Bonds were awarded at a true interest cost of 3.237992% (prior to adjustment), and the Series 2017-B Bonds were awarded at 1.260938% (prior to adjustment) following competitive bidding on October 12, 2017.
• The bonds received credit ratings of “Aa1” from Moody’s and “AAA” from S&P.
• Interest on the Series 2017 Bonds is exempt from present State of California personal income taxes and is excluded from gross income for federal income tax purposes, though it is included in a corporate taxpayer’s adjusted current earnings for the federal alternative minimum tax.
• LACMTA is required to provide annual information to the MSRB through the EMMA System within 195 days of the end of its fiscal year (which ends June 30). This information must include audited financial statements, updated historical Proposition A sales tax revenues, and updated debt service schedules for the Series 2017 bonds.
• LACMTA must notify the MSRB within ten business days of specific 'Listed Events,' including principal and interest payment delinquencies, bankruptcy, rating changes, and unscheduled draws on debt service reserves reflecting financial difficulties.

APA

Climate Bonds Initiative (2017). Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2017-A (Green Bonds) and Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2017-B. https://www.climatebonds.net/files/drupal-files/files/EMMA%20LA%20MTA%20new%20issue.pdf

Chicago

Climate Bonds Initiative. Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2017-A (Green Bonds) and Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2017-B. 2017. https://www.climatebonds.net/files/drupal-files/files/EMMA%20LA%20MTA%20new%20issue.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2017-A (Green Bonds) and Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2017-B |date=12 October 2017 |url=https://www.climatebonds.net/files/drupal-files/files/EMMA%20LA%20MTA%20new%20issue.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2017proposition, author = {{Climate Bonds Initiative}}, title = {{Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2017-A (Green Bonds) and Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2017-B}}, institution = {Climate Bonds Initiative}, year = {2017}, month = oct, url = {https://www.climatebonds.net/files/drupal-files/files/EMMA%20LA%20MTA%20new%20issue.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }