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Certificates of Participation

The Certificates of Participation Program provides funds for capital equipment or real property acquisitions and improvements. Finance construction, renovations, equipment, energy projects and more with fast and efficient financing.

The program

CSBA’s Certificates of Participation program assists California school districts, county offices of education and community college districts in their efforts to raise funds for real property acquisitions and capital improvements, and allows capital project finance or loan refinancing without voter approval. The COP program has assisted 147 districts in obtaining more than $1,023,364,794 for capital outlay projects.

About the CSBA-FC COP program
School Districts, as lessees, execute a lease with the CSBA-FC (California School Boards Association Finance Corporation). The CSBA-FC, as lessor, assigns its rights to receive lease payments and its obligation to acquire the asset for each lease to the trustee. The total amount of capital to fund each individual school district’s project is raised through the issuance of COPs, then the trustee funds each project under the terms of the lease and collects payments from each district.

We have helped districts finance a variety of assets and projects. Below is a list of the most common uses of COP proceeds:

  • Classroom construction
  • Bridge to state funds
  • Bridge to general obligation bonds
  • Refinancing existing leases
  • School site acquisition
  • Administration buildings
  • Building renovations
  • Heating and air conditioning systems
  • Buses/vehicles
  • Maintenance equipment
  • Relocatable classrooms
  • Classroom equipment
  • Athletic facilities
  • Energy projects
  • Modernization and safety improvements


Mark Adler
Managing Director

Piper Sandler
2321 Rosecrans Ave., Ste 3200
El Segundo, CA 90245
800.876.1854 | 310.297.6000
Fax: 310.297.6010