The LOCAL PROGRAM offers local governments a way to finance essential real estate and equipment over a multi-year period. Authorized in RCW 39.94, the program provides the same economies of scale and low interest rates available to State agencies.
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.
The LOCAL PROGRAM is administered by the Office of the State Treasurer (OST). Legal and administrative costs for each participating local government are minimized through the use of standardized documentation. Once financing documents have been completed and borrowing rates set by the market, each local government receives a detailed schedule of semi-annual payments due on its outstanding leases. Funds are either distributed directly to vendors or made available on a reimbursement basis upon receipt of detailed invoices and proof of payment.
To ensure compliance with tax and legal requirements, OST monitors the spend-down of proceeds and the use of the facilities that have been financed. OST also monitors refunding opportunities.
Please click on the following links to see the program’s recent rates: