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Successor agency moves to refinance 2015 redevelopment bonds, projecting roughly $9 million in debt‑service savings
Summary
The successor agency to the former San Marcos Redevelopment Agency authorized staff to pursue refunding approximately $51.3 million of 2015 bonds, projecting roughly $9 million in total debt‑service savings and an estimated $4 million net increase available for future residual property‑tax distributions to taxing agencies.
The successor agency to the San Marcos Redevelopment Agency voted on March 11 to move forward with a refinancing plan for outstanding tax allocation refunding bonds issued in 2015.
Staff and the municipal advisor presented a refinancing plan that proposes to refund about $51.3 million in outstanding 2015A bonds. The financing team estimated total debt service on the new bonds of roughly $54.7 million compared with about $64.0 million on the prior issue, producing approximately $9 million in gross debt‑service savings. After applying about $5 million in existing successor‑agency funds, staff reported roughly $4 million in net savings that could be available as increased future redevelopment…
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