Green Bond Fact SheetSan Rafael Joint Powers Financing Authority

Date: 26-Mar-2018

Issue date: 26-Mar-2018 Maturity date: 26-Mar-2021 Tenor: 16.4Issuer NameSan Rafael Joint PowersFinancing Authority

Amount Issued

USD45.5m

Country of risk

USA

CBI Database

IncludedIssuer Type1

Local Government

Bond TypeUS MuniGreen Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☐ HVAC systems☒ Energy performance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewater treatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use &agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose & paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation & resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Allocation of proceeds will be tracked by the City of San Rafael and disclosed annuallyon the Municipal Securities Rulemaking Board's Electronic Municipal Market Accesswebsite.
The San Rafael Joint Powers Financing Authority was formed by the City of San Rafael,located north of San Francisco, and the San Rafael Redevelopment Agency to support
the financing/refinancing of developments or improvements projects within the city.
The San Rafael Redevelopment Agency was replaced in 2013 by the California
Municipal Finance Agency.

Firsts, records andcertifications
Proceeds description

Climate Bonds view

Underwriters

Proceeds will be allocated to a new public safety centre and two new fire stations. All
three buildings have received a LEED Gold certification. The prospectus lists several
building elements that will be included in each project: natural daylighting andventilation; robust building envelopes with insulated, low-e glazing; highly efficientmechanical systems with controls to moderate energy use; solar power to reduce
electrical demand from the grid; exterior material colour selection to reduce heat
gain; high recycled content of building materials; and masonry, concrete and steel
construction for building longevity. Site elements for each project include storage andfiltration of rain water to reduce run-off; and native vegetation with drip irrigation or
non-potable irrigation water where available.
This is the third California US muni which has come to market this year so far. The
preliminary prospectus offers a good level of disclosure on the proceed allocation anda LEED Gold certification is on the highest end of the scale. Although the issuer did notseek for an external review, we see an increasing trend in US Muni green bonds
benefiting from Second Party Opinions.
RAYMOND JAMES & ASSOCS

Deal comments
Credit Rating

AA (S&P) stable

Pricing summary
Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign