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 Series 2017 bonds. The Series 2017-A Green Bonds ($471,395,000) are designated for rail transit improvements, including the Southwestern Yard maintenance facility, the Universal City Station pedestrian bridge, and the procurement of light and heavy rail vehicles. The Series 2017-B Bonds ($85,455,000) are used to refund Series 2011-B bonds. Both series are limited obligations secured by a first lien on Pledged Revenues, primarily derived from the Proposition A Sales Tax (a 0.5% retail transactions and use tax). The Series 2017-A bonds are 'Climate Bond Certified' based on the Climate Bonds Standard. The issuance is supported by a Reserve Fund, which as of the issuance date was expected to be approximately $160 million, consisting of a $85.5 million AGM Reserve Policy and $74.5 million in cash and investments.

• The Series 2017-A Bonds are designated as 'Green Bonds' and have received 'Climate Bond Certified' labeling from the Climate Bonds Initiative, based on the Low-Carbon Transport Eligibility Criteria Version 1 and Climate Bonds Standard Version 2.1.
• Proceeds from the Series 2017-A Bonds will be used to finance or refinance rail transit system projects, specifically: the Southwestern Yard maintenance facility for the Crenshaw/LAX project and Metro Green Line, the Universal City Station pedestrian bridge, and the procurement of light rail vehicles for the Gold Line Foothill Extension, Exposition Line, and Crenshaw LAX projects, as well as heavy rail vehicles for the Purple Line Extension, Segment 1.
• The Series 2017-B Bonds are intended to refund and defease a portion of the outstanding Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2011-B, with a total principal amount of $91,110,000 to be refunded.
• The bonds are limited obligations of LACMTA, secured by a first lien on 'Pledged Revenues,' which primarily consist of the Proposition A Sales Tax (a 0.5% retail transactions and use tax) minus a 25% local allocation and administrative fees.
• The Reserve Fund Requirement at the time of issuance is expected to be approximately $160 million, satisfied by an $85.5 million AGM Reserve Policy and approximately $74.5 million in cash and investments.

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} }