Sacramento Sanitation District
Rides Out Auction-Rate Turmoil

$50,000,000
Sacramento County Sanitation Districts Financing Authority
Subordinate Lien Variable-Rate Refunding Revenue Bonds

De La Rosa & Co. recently served as sole senior manager on the Sacramento Regional County Sanitation District's $50-million Series 2008E subordinate lien variable-rate refunding revenue bonds. In the wake of the credit market turmoil and collapse of the auction-rate market, De La Rosa remained one of the District's best performing broker-dealers.

"The firm committed our capital to support our clients' bonds," said DLR banker Raul Amezcua. "It's worth noting that, in those chaotic days, we didn't fail a single tax-exempt auction or draw on a single liquidity facility or letter of credit."

The Sanitation District decided to restructure the bonds with a direct pay letter-of-credit. De La Rosa was selected as senior manager for a $50-million tranche of variable-rate bonds based on the firm's strong performance as one of five broker-dealers in the District's pool.

Back to Overview