Foley & Lardner served as bond counsel in connection with the public issuance of $37, 275,000 of taxable fixed rate revenue bonds on behalf of the Los Angeles Jewish Home for the Aging.
The Series 2020A Bonds was the third of three refunding financings completed for the LA Jewish Home over the past eighteen months. Foley served as bond counsel on all three. The Series 2020A Bonds were used to advance refund LA Jewish Home’s outstanding Series 2014A bonds. Because the Series 2014A Bonds were not yet callable, taxable bonds were the only available source to advance refund the prior issue, and due to historically low taxable interest rates, the refunding still resulted in meaningful savings to the LA Jewish Home.
On a combined basis, the three refundings significantly lowered the Home’s overall annual debt service obligation.
The Bonds are insured by Cal-Mortgage and have been assigned a rating of “AA-” by S&P.
Partner Mark Schieble led the Foley team.