Town Of Moraga

Council Leverages Sales Tax for Expedited Road Repair

On July 10, the Town Council directed staff to continue work on the legal documents necessary to leverage Measure K local sales tax revenues to finance street improvements over the next three years, beginning this summer. The Measure K sales tax measure was approved to address the Town’s most financially critical need to repair its failing streets and storm drains, and the Town Council has stated its intention to spend the proceeds from the additional sales tax only for road and storm drain repair. To leverage the sales tax revenues, the Town will be using a Certificate Of Participation (COP) structure, which is a financing mechanism commonly known as a lease/leaseback transaction. The 2013 COPs will include a leaseback of multiple Town properties over 20 years to generate funds necessary to finance the Town’s street infrastructure improvements

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