The budget of the Rocklin Public Finance Authority is prepared and presented to City Council annually as part of the City’s effort to provide full transparency.
On December 13, 1994, the City of Rocklin (City) and the former Rocklin Redevelopment Agency formed a joint powers authority, the Rocklin Public Finance Authority (RPFA). In 1999, the RPFA issued revenue bonds in the amount of $14,910,000. The proceeds from the revenue bonds were used to purchase special tax bonds issued by the City for and on behalf of three Communities Facilities Districts (CFD #6, CFD #8 and CFD #9). In 2003, the RPFA issued revenue bonds to refund the 1999 RPFA revenue bonds.
In 2017, the RPFA entered into a special tax revenue refunding loan agreement in the amount of $5,000,077 to refund the remaining 2003 RPFA refunding revenue bonds. The RPFA holds the debt of CFD #6, CFD #8 and CFD #9 as an investment. The investment balance is currently $3,105,829.
The annual debt service payments on the 2017 RPFA special tax revenue refunding loan agreement are the only expenditures of the RPFA. Debt service payments received from CFD #6, CFD #8 and CFD #9 are the source of funds used for the 2017 RPFA special tax revenue refunding loan agreement debt service payments. Interest earned from the CFD #6, CFD #8 and CFD #9 investment is the primary source of revenue for the RPFA.