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Successor agency approves up to $48 million in tax allocation refunding bonds
Summary
The successor agency continued a bond refinancing approved earlier in April, increasing a not-to-exceed principal to $48 million and setting minimum net-present-value savings, with staff estimating about $7.8 million in gross debt service savings subject to final market conditions and Department of Finance approval.
The successor agency to the former redevelopment project area moved forward on bond refinancing at the May 12 San Marcos City Council meeting. The action amends an earlier resolution to increase the not-to-exceed principal amount for refunding bonds and confirms preliminary financing documents.
Staff said the bonds would refund series 2015A tax allocation refunding bonds previously issued. “Revised good…
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