A presenter for the California Infrastructure and Economic Development Bank (iBank) described ISRF direct loans that provide low-cost financing to public borrowers for infrastructure projects. The speaker said ISRF loans may cover design, acquisition, planning, construction and consulting costs and that housing construction itself is not an eligible use (although housing-related infrastructure can be financed).

The presenter reviewed loan features: tax-exempt financing (with taxable options for mixed private activity), minimum loan amounts of $1 million and maximums up to $65 million, terms up to 30 years tied to useful life, and the ability to finance up to 100% of an eligible project. Repayment can be secured by enterprise revenues or general-fund pledges; executive reimbursement resolutions are required before board approval and prior soft/hard costs can be included in the loan amount. Recent project examples cited included a $6 million organics/landfill project in Watsonville, a $20 million Encinitas streetscape project, a $4.3 million Tiburon fire station and a $40 million San Diego organics facility to meet SB 1383 compliance.

iBank staff encouraged prospective borrowers to contact infrastructureloans@ibank.ca.gov and to visit the iBank website for staff reports and program pages.