Stradling served as bond counsel and disclosure counsel to the City of Salinas (Monterey County, California) in connection with the issuance of two series of bonds to finance a new police headquarters and a new public library. Tax-exempt bonds in the total amount of nearly $70 million were issued in June 2018 by a 501c3 nonprofit public benefit corporation in a complex P3 (public-private partnership) structure. The bonds, which are payable from lease payments to be made from the City’s general fund revenues, were sold competitively to heavy investor interest. The police facility will consist of a 44,000 square foot two-story headquarters building, a 25,000 square foot support building with a firing range and forensic laboratory, secure parking, fuel tanks and emergency generators. The library project involves the replacement of a small existing library with a 21,000 square foot two-story library building, including community meeting spaces. The financings received national media attention in The Bond Buyer, the municipal finance industry’s main trade publication.
The Stradling team included Kurt Yeager, Cyrus Torabi and Bob Whalen in the Newport Beach office and David Thompson in the Seattle office. Carol Lew served as tax counsel.