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Airport authority approves preliminary statement for $35M refunding, projects $7M NPV savings
Summary
The Southern California Logistics Airport Authority Commission approved the form of a preliminary official statement and continuing disclosure certificate to pursue refinancing of five tax allocation bond series, with estimated cash‑flow savings of $35 million and net present value savings around $7 million (approximately 7% of refunded par).
The Victorville City Council, acting in its capacity as the Southern California Logistics Airport Authority (SCLAA), on Oct. 7 approved the form of a preliminary official statement and a continuing disclosure certificate to enable a refunding of five tax allocation bond series secured by tax increment from the VITA project area.
City staff and the financing team told the council the proposed refunding would refinance five tax‑exempt series of the authority’s outstanding tax allocation bonds, producing estimated total cash‑flow savings of $35 million through 2043 and net present value savings of about $7 million, or roughly 7% of the refunded principal. “This…
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