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Bond and Investor Information

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Bond Finance & Investment Division

Mission Statement:

The Mission of the Bond Finance and Investment Division is to provide a base of financial resources for the CalVet program, monitor compliance with contractual covenants with respect to bonds and monitor that the CalVet mortgage home loan program is able to meet the current and future needs of the veterans.

The Department began making low interest rate farm and home financing available to veterans after World War I, following the enactment of the Veterans Farm and Home Purchase Act of 1921. In 1943, the Legislature enacted the Farm and Home Purchase Act of 1943, which modified the law to meet new needs of veterans. The 1943 Act was superseded by the Veterans Farm and Home Purchase Act of 1974, which again modified the law. The 1943 Act established the Veterans' Farm and Home Building Fund of 1943 (the "1943 Fund") in the State Treasury, which is the principal source of funds utilized by the Department's Farm and Home Purchase Program (the "Program").

Background:

The Bond Finance and Investment Division has been established for over fifteen years and consists of a Financing Officer and four staff. The Division manages the $945,215,000 debt portfolio of the Program. The Division is also responsible for generating proceeds by conducting both taxable and tax-exempt bond sales, to provide funds for Farm and Home loans to veterans. In addition, the Division is responsible for cash flow management and the investment of unused cash.

Department Bonds

The Department makes low interest rate farm and home financing available to veterans through the issuance of State of California Veterans General Obligation Bonds ("Veterans G.O. Bonds") and Department of Veterans Affairs of the State of California Home Purchase Revenue Bonds ("Revenue Bonds").

Description of the Department's Bonds, including Veterans G.O. Bonds and Revenue Bonds

Veterans' Farm and Home Purchase Program Financials

Financials for the Veterans' Farm and Home Purchase Program*


 



* (Including the Veterans Farm and Home Building Fund of 1943, Veterans Debenture Revenue Fund and Pooled Self-Insurance Fund)

Financials for the 1943 Fund and Veterans Debenture Revenue Fund     

Starting in fiscal year 2014, the Department issued consolidated Financial Statements for the Veterans' Farm and Home Purchase Program. Previously, two separate financial statements were issued, the 1943 Fund and the Debenture Fund, respectively.  


 


 


 

 

** (Only applicable to Reserve Fund for Revenue Bonds)

Department Information and Operating Data

Department Financial Information & Operating Data

Materials marked with a "Dated Date" speak only as of that Dated Date. No inference should be made that the operations of the Department and/or other economic conditions have remained the same since the Dated Date. You are cautioned not to assume that any information has been updated beyond the Dated Date unless a document expressly states that it constitutes an update of a specific portion of another document. The Department expressly disclaims any duty to provide an update of any document contained in this section, except as required by law. The Audited Financials for fiscal years ending on June 30th are shown above.

Current Year Bond Issues

Materials marked with a "Dated Date" speak only as of that Dated Date. No inference should be made that the operations of the Department and/or other economic conditions have remained the same since the Dated Date. You are cautioned not to assume that any information has been updated beyond the Dated Date unless a document expressly states that it constitutes an update of a specific portion of another document. The Department expressly disclaims any duty to provide an update of any document contained in this section, except as required by law.

Official Statements provided on this site do not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities and should not be relied upon to provide specific offering information in connection with any issuance, sale, resale, or remarketing of bonds, notes or other obligations.

Bonds issued within the current calendar year

N/A

Bonds issued within the previous calendar year

$167,125,000 Departement of Veterans Affairs of the State of California Home Purchase Revenue Bonds,
2016 Series A (AMT), Series B (Non-AMT)
Issued: 10/27/2016

$99,740,000 State of California Veterans General Obligation Bonds, Series CN (Non-AMT)
Issued: 4/28/2016

Bond Ratings

There is no assurance that any such rating will remain for any given period of time or that any such rating may not be lowered or withdrawn entirely by the applicable rating agency, if, in the judgment of such rating agency, circumstances so warrant. Neither the State nor the Department has an obligation to undertake any action to maintain the rating on the bonds.

Current Bond Ratings

Veterans G.O. and Revenue Bonds Outstanding

Materials marked with a "Dated Date" speak only as of that Dated Date. No inference should be made that the operations of the Department and/or other economic conditions have remained the same since the Dated Date. You are cautioned not to assume that any information has been updated beyond the Dated Date unless a document expressly states that it constitutes an update of a specific portion of another document. The Department expressly disclaims any duty to provide an update of any document contained in this section, except as required by law.

Official Statements provided on this site do not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities and should not be relied upon to provide specific offering information in connection with any issuance, sale, resale, or remarketing of bonds, notes or other obligations.

Information in an Official Statement is "as of" its date or such other date as stated.

Veterans G.O. Bonds as of 6/30/2017

SALE YEAR
ISSUE*AMT / NON-AMTPRINCIPAL AMOUNT REMAININGMINIMUM
COUPON
MAXIMUM
COUPON
FINAL MATURITY DATE
1999 BRA$100,0005.125%5.125%12/1/2019
2001 BZA$100,0005.350%5.350%12/1/2021
2014 CJN$85,320,0001.000%3.750%12/1/2035
2015 CK1-3N$150,680,0001.550%5.000%12/1/2040
2015 CLN$123,025,0001.050%5.000%12/1/2034
2015 CM1-5A$155,100,0002.000%4.125%12/1/2036
2016 CNN$99,115,0000.700%3.500%12/1/2046
Total$613,440,000
* Electronic Official Statements are available by clicking on the links above.

Revenue Bonds as of 6/30/2017 

SALE YEAR
ISSUE*AMT / NON-AMTPRINCIPAL AMOUNT REMAININGMINIMUM
COUPON
MAXIMUM
COUPON
FINAL MATURITY DATE
2011 2011AN$5,000,0003.500%3.500%12/01/2021
2012 2012AN$161,480,0002.150%3.500%12/01/2025
2016 2016AA$49,365,0001.250%3.000%6/01/2029
2016 2016BN$115,930,0003.250%3.500%12/01/2046
Total$331,775,000

* Electronic Official Statements are available by clicking on the links above.

Bond Authority

Revenue Bonds

As of June 30, 2017, there were approximately $331,775,000 aggregate principal amount of Revenue Bonds outstanding. Under the Bond Act, Revenue Bonds in an aggregate principal amount not to exceed $1,500,000,000, at any given time, may be outstanding. The Legislature may increase the amount of Revenue Bonds issuable under the Act or may decrease such amount to an amount not less than the amount of Revenue Bonds then outstanding.

Veterans G.O. Bond Acts*  

Bond ActOriginal AuthorityOutstanding New Money Authority (1)Bonds Outstanding Under Act
1986$850,000,000                                $0BR, CM
1988$510,000,000                                $0CF, CK, CM
1990$400,000,000                                $0BZ, CM
1996$400,000,000                                $0CF, CK, CM
2000$500,000,000                                $0CG, CJ, CK, CL, CM
                                2008   (2)                      $300,000,000  (2)              $200,260,000CN
Total              $200,260,000

__________________
* Only Bond Acts with bonds outstanding or remaining authority are listed.
(1) Although a Bond Act may not have Outstanding New Money Authority the bonds under that Act may be subject to refunding.
(2) Assembly Bill 639, Veterans Housing and Homeless Prevention Act of 2014, on October 10, 2013, reduced the voter authorized amount to $300,000,000 from $900,000,000.

The only information on this Web site that is posted with the intention of reaching the investing public, including bondholders, rating analysts, financial advisors, or any other members of the investment community, is located on the Bond and Investor Information Web pages, access to which requires review of and consent to the conditions contained in the Bond and Investor Information Terms of Use.

The Bond and Investor Information Web pages are not intended to replace any information or consultation provided by a professional financial advisor. Other than the specific information presented in the Bond and Investor Information Web pages, no other information on our Web site is intended to be the basis of or should be relied upon in making an investment decision.

The Bond and Investor Information Web pages provide information about Veterans G. O. Bonds and Veterans Revenue Bonds, which involve different sources of payment and security, are different obligations (if any) of the Department, and have different limitations on such bonds. In addition, redemption provisions may differ within any series of bonds. You should refer to the official statement for any particular bonds for additional information.

Please take a few minutes to read the following Terms of Use and indicate your acknowledgment before accessing the rest of the Bond and Investor Information section. You may be tempted to click through the Terms of Use, but they are essential to understanding the Bond and Investor Information presented on this Web site.

Terms of Use

1.  Not an Offer to Sell/Buy Securities: The information provided in this Web site does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities and should not be relied upon to provide specific offering information in connection with any issuance, sale, resale, or remarketing of bonds, notes, or other obligations.

2.  Dates of Documents: Any financial document contained in the Bond and Investor Information section of this Web site is marked with a Dated Date and speaks only as of that Dated Date, which may be prior to the date it is posted on this Web site. You are cautioned not to assume that any information has been updated beyond the Dated Date unless a document expressly states that it constitutes an update of a specific portion of a document. No inference should be made that the operations of the State and/or the Department and/or other economic conditions have remained the same since the Dated Date. The Department expressly disclaims any duty to provide an update of any document contained in the Bond and Investor Information Web pages.

3.  Information is Subject to Change Without Notice and May Not Be Updated: The Department is under no obligation to update any information included in this Web site. The information and expressions of opinion herein are subject to change without notice and the posting of information on this Web site does not imply that there has been no change in the affairs of the Department.

4.  Estimates or Other Forward-Looking Statements: The documents contained in the Bond and Investor Information Web pages may make "forward-looking statements" by using forward-looking words such as "may," "will," "should," "expects," "believes," "anticipates," "estimates," or others. You are cautioned that forward-looking statements are subject to a variety of uncertainties that could cause actual results to differ from the projected results. Because we cannot predict all factors that may affect future decisions, actions, events, policy decisions, or financial circumstances, what actually happens may be different than what is included in forward-looking statements.

5.  Links to Other Web sites: Links to other Web sites have been avoided in the Bond and Investor Information Web pages. Rather, we may provide addresses of other Web sites to allow you independent access to other organizations whose expertise may be of value as an educational or reference tool. If you access one of these Web sites, remember that the Department has not participated in the preparation, compilation, or selection of information on any other Web site, and assumes no responsibility or liability for the views, content, or accuracy of any other Web site.

6.  Investment Decisions: The Bond and Investor Information Web pages are not intended to replace any information or consultation provided by a professional financial advisor. Other than the specific information presented in the Bond and Investor Information Web pages, no other information on our Web site is intended to be the basis of or should be relied upon in making an investment decision.

7.  Unauthorized Use Not Permitted: This is the official Web site of the Department. The Department disclaims all responsibility for any copies, modifications, and reproductions of this Web site or the information it contains that are not produced by the Department. All users of the Bond and Investor Information Web pages of the Department's Web site remain subject to the general Terms of Use and Disclaimers of the Department's Web site.

8.  Other Information May Be Available: The Bond and Investor Information Web pages are provided for the user's convenience, but they may not provide all information that may be of interest to investors. There may be other documents containing relevant information regarding the Department which may be available from other sources.

9.  Set Your Internet Browser to Allow for "Scripting": The Bond and Investor Information Web pages use "pop-up" windows prior to showing selected information. To obtain the full benefit of the information provided through the web site, make sure your Internet browser is set to allow "scripting". (Most Internet browsers are preset to allow scripting, unless the user has turned off the "scripting" setting.)

10.  Disclaimer: Other than the specific information presented in these Bond and Investor Information Web pages, no other information on the Department's Website is intended to be the basis or should be relied upon in making an investment decision.

11.  Subject to Conditions of Use. All users of the Bond and Investor Information Web pages remain subject to the general Conditions of Use of the Department's web site.

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1227 O Street
Sacramento, CA 95814
866-653-2510 (Toll Free)
916-503-8359 (Direct)
916-651-9085 (Fax)
E-Mail: Homeloans@calvet.ca.gov
Office Hours: Monday-Friday, 8am-5pm

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