In 1993, the Calleguas-Las Virgenes Public Financing Authority (PFA) was formed under the Marks-Roos Local Bond Pooling Act of 1985 (Act) to provide Calleguas Municipal Water District and Las Virgenes Municipal Water District with greater flexibility to finance essential water and wastewater infrastructure.  The Act allows local agencies to form a joint powers authority that may be used, among other purposes, to consolidate the financing of several capital projects to achieve lower overall borrowing costs.  The PFA may issue bonds and loan the proceeds to one or both of its member agencies who are responsible for the debt service.

The PFA Board meets at least once annually, usually at 4:30 p.m., and alternating between Calleguas Municipal Water District, 2100 Olsen Road, Thousand Oaks, and Las Virgenes Municipal Water District, 4232 Las Virgenes Road, Calabasas.

The PFA Board is comprised of 10 members: five Board Members from Calleguas Municipal Water District and five Board Members from Las Virgenes Municipal Water District.