Former New Jersey Gov. Jim Florio's municipal asset management firm XSPAND, has its first transaction in the ABS market, a $111.2 million California tax-lien offering dubbed PFC Tax Receivables Trust 2002-A - PFC standing for XSPAND parent Plymouth Financial Co. The trade, backed by delinquent tax liens due school districts on primarily residential properties, is led by WestLB and boutique shop Scura, Rise & Partners.

The tax is assessed yearly by the county collector, although there is no followup on behalf of the collector, meaning no need for a servicer, according to Moody's Investors Service. XSPAND, in its role as administrative agent, is responsible for coordinating payments from the districts as they are paid by the county. Collections peak in the first six months of the tax being assessed, leveling out to 10% to 15% of collections in months nine through 12.

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