Westhoff, Cone & Holmstedt

County of El Dorado

Success Stories
County of El Dorado - Laurel Oaks

In April 2006 Westhoff, Cone & Holmstedt sole managed $3.75 million Special Tax Bonds for the County of El Dorado. The County formed CFD No. 2005-2 in June 2005 with a Bond authorization of $6 million as part of the financing plan for Laurel Oaks, which at build-out will comprise 99 single family homes. Laurel Oaks is located approximately two miles south of the 3,500-acre master-planned community of Serrano and is also near the El Dorado Hills Business Park as well as other residential development such as Promontory and Blackstone. Key characteristics of the Laurel We achieved one of the lowest rates ever for a 30-year, non-rated term bond: 5.10%. The value-to-lien ratio was 4.3:1, and there was a single developer at the time the bonds were sold. It should be noted that, including a refunding of Serrano bonds and new issues for Promontory and Blackstone, the firm has now completed five Mello-Roos financings totaling $72 million for the County of El Dorado.

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