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Local Option Capital Asset Lending (LOCAL)

Overview

You have likely heard about this innovative financing option for local government agencies of all types. The LOCAL program has been developed with an eye toward making it easy to understand and easy to use.

The LOCAL program is an expanded version of the successful state agency lease/purchase program. The program was originally created by the Legislature in 1989 (RCW 39.94) to provide the lowest cost financing for state agency purchases by pooling funding needs into larger offerings of securities. Thanks to support and assistance from many friends of local government, the Legislature passed legislation in 1998 to provide local governments access to the program. Local government agencies of all types can finance equipment or real estate needs through the State Treasurer's office subject to existing debt limitations and financial considerations.

The major benefits of LOCAL are (1) simplicity and (2) low cost financing. Participants will benefit from the current program rating of Moody's Aa2, low fees and expenses, and access to the public bond markets. Please click on the following links to see the program's most current rates:

An advisory body was convened to guide the program. Representatives of local governments were appointed by associations representing various types of entities to provide direction and feedback on proposed program features, guidelines, and procedures. We are committed to offering a program that will benefit local government and be simple to use.

The LOCAL program is an excellent example of state and local governments working together to deliver the most cost effective and highest quality product possible. As partners, we have created a program that delivers for you and your constituents.