The following information provides details related to the CalSTRS Series 2019 Bonds issued to finance the expansion of CalSTRS’ headquarters.
Overview of bonds
On December 5, 2019, CalSTRS issued $340.6 million ($272.6 million par and $68.0 million original issue premium) in tax-exempt lease-revenue green bonds (Series 2019 Bonds).
The Series 2019 Bonds, officially titled “California Infrastructure and Economic Development Bank Lease Revenue Bonds (California State Teachers’ Retirement System Headquarter Expansion), Series 2019 (Green Bonds – Climate Bond Certified),” were issued through a conduit issuer, the California Infrastructure and Economic Development Bank (IBank), a public instrumentality of the State of California, which provides financing for business development and public improvements.
The proceeds from the Series 2019 Bonds are being used to construct, furnish and equip the expansion to CalSTRS’ existing headquarters and pay capitalized interest with respect to the Series 2019 Bonds during the period of construction of the headquarters expansion. The proceeds from the bonds were also used to pay costs of issuance.
Updates on the status of the headquarters expansion project can be found in the Chief Executive Officer Reports to the Teachers’ Retirement Board. To view these reports, visit the Board meetings webpage and select the “Chief Executive Officer Report” item from the respective regular meeting agenda. The updates can be found in the Headquarters Expansion (HQE) Construction Update section of the CEO reports.
Financial statements and other reports
- CalSTRS Annual Financial Report
- Green Bonds Certification
- Annual Debt Transparency Report
- Official Statement: The Official Statement is available on the Electronic Municipal Market Access (EMMA), the free public access official repository for information on virtually all municipal bonds.
- CalSTRS current actuarial valuation reports
- CalSTRS Review of Funding Levels and Risks report
- Climate Bond Standard Pre-Issuance Verifier's Report
- Climate Bond Standard Post-Issuance Verifier's Report
- Fiscal Year 2020-21 Climate Bond Initiative Annual Update Report