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Case Study: Rancho Adobe Fire District - UAL Refinancing

Updated: Sep 11, 2023

Rancho Adobe Fire District recently sold its $5,610,000 Series 2021 Taxable Revenue Obligations (CalPERS UAL Prepayment Project) on a publicly offered basis. The transaction was completed to refinance the District's outstanding unfunded accrued liability (UAL) associated with their CalPERS Safety and Miscellaneous Pension Plans.


The proceeds from the bond issuance were used to pay down the District's UAL, which increased the District's Pension Funded Ratio from approximately 73% funded to over 95% funded. Weist Law and CalMuni Advisors worked with the District for nearly a year to counsel the various stakeholders and to design a legal and financial plan that would help address the long-term pension costs which were due to rise substantially over the next 14 years.

The team ushered the District through an S&P rating process for the first time in District history and successfully helped secure a 'AA' rating with a stable outlook from S&P, a particularly strong rating considering the economic stresses caused by the pandemic. The team also assisted the District in the development of a robust Pension Management Policy, establishing a long-term "road-map" for sustained success.


The transaction resulted in cash flow savings of over $2,750,000 (or approximately 49% of the bonds issued). As importantly, the District was able to reshape escalating payments to level debt service payments over the 20-year term of the 2021 Obligations and due to a unique Net Revenue pledge structure, the District was able to achieve a 20-year taxable interest rate of 2.91%.

For a downloadable version of this Case Study, click here. If you are interested in learning more about this, or any other transaction completed by Weist Law, contact us at


The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact a designated Weist Law representative. This material may be considered advertising under certain rules of professional conduct.

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