On August 27, 2026 the California Enterprise Development Authority issued its Revenue Bonds (CSAC Headquarters Building Project) Series 2026A in the principal amount of $41,800,000.  Bond proceeds will be used to finance a number of improvements to a historically and architecturally significant 115-year-old building in downtown Sacramento that serves as the headquarters of the California State Association of Counties (CSAC), an advocacy organization for all 58 California counties.  Among the improvements being financed are: (i) the addition of a new sixth floor and wraparound roof deck which will have panoramic views of the State Capitol and Sacramento skyline; (ii) the addition of conference rooms and lounge areas; (iii) replacement of central air and electrical systems; and (iv) seismic retrofit, safety and handicapped accessibility upgrades. 

The finance team was led by Chastity Benson, CSAC’s Chief Operating Officer, and Rob Pierce, CSAC Finance Corporation’s Chief Executive Officer.  The bonds were underwritten by Stifel, Nicolaus & Company, Incorporated, and financial advisory services were provided by Sperry Capital.  Albert Reyes, Sam Balisy, Cyrus Torabi and Matthias Edrich of Kutak Rock served as bond, disclosure and tax counsel for the transaction, which involved a loan of bond proceeds to the 501(c)(3) corporation that owns the building, a lease of the building to CSAC to provide a repayment stream, and a guaranty of CSAC’s lease payments by CSAC Finance Corporation.  The team worked through numerous structuring and credit challenges to achieve an investment-grade rating for the bonds, which had a 30-year term and received strong investor interest at pricing.

Kutak Rock, a nationwide law firm that was the #1 ranked bond counsel firm in the nation by number of issuances in 2025, congratulates CSAC on the successful bond issuance and looks forward to the completion of the facility in late 2027.