Creative Center of Los Altos Selects the CMFA as Issuer

The Creative Center of Los Altos (“CCLA” or the “Schools”) is a not-for-profit corporation founded in 1959 operating as a co-educational organization committed to excellence in primary and secondary college preparatory education.

Recently, CCLA selected the CMFA as its issuer of tax exempt bonds. Proceeds were used to: (1) finance and refinance the acquisition, construction, improvement, renovation, furnishing and equipping of certain educational facilities, including related administrative facilities, site improvements, and parking, located in the County of Santa Clara, including but not limited to, (a) classrooms and administrative space, a multi-purpose room, and an athletic field at the Pinewood School middle campus, located at 327 Fremont Avenue, Los Altos, California 94024 (the “Pinewood School Middle Campus”); (b) an athletic field and new outdoor student quad at the Pinewood School upper campus, located at 26800 Fremont Road, Los Altos Hills, California 94022 (the “Pinewood School Upper Campus”); and (c) a liberal arts building with classroom and administrative space, a theatre for performing arts, music, drama, and performance space, student and faculty meeting space, and faculty offices, a gymnasium, and athletic fields at the Oakwood School’s main campus, located at 105 John Wilson Way, Morgan Hill, California 95037 (the “Oakwood School Campus”); (2) prepay and retire all of the outstanding (a) California Statewide Communities Development Authority Variable Rate Demand Revenue, issued to refinance the costs of the acquisition, construction, installation, improvement, renovation, remodeling, furnishing and equipping of an institution for grade school education on the Oakwood School Campus and the construction and equipping of new educational facilities on such site and paying other related expenses incurred in connection with the issuance of the Series 2003 Bonds; and (b) California Infrastructure and Economic Development Bank Variable Rate Demand Revenue Bonds (Pinewood School Project) Series 2008 (the “Series 2008 Bonds”), issued to (i) finance or reimburse the Borrower for the cost of the acquisition, construction, improvement, restoration and general development of certain educational facilities, including (A) the real properties and improvements at the Pinewood School lower campus, located at 477 Fremont Avenue, Los Altos, California 94024 (the “Pinewood School Lower Campus”), including a 19,000 square foot educational facility with classrooms and enhanced play areas, and (B) a gymnasium and related facilities located at 3750 Fabian Way, Palo Alto, California 94303, for use by students attending Pinewood School; and (ii) payment of certain financing costs and costs of issuance with respect to the Series 2008 Bonds; (3) finance or reimburse the Borrower for various capital expenditures at the Oakwood School Campus, Pinewood School Upper Campus, Pinewood School Middle Campus, and Pinewood School Lower Campus.

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