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Santa Fe Springs council authorizes sale of $30 million bonds to accelerate Measure SFS road work
Summary
The Santa Fe Springs City Council authorized the sale of up to $30 million in parcel-tax-backed bonds tied to Measure SFS, approving the financing team to proceed with a negotiated sale and directing staff to report back with final pricing and a broader city credit review.
The Santa Fe Springs City Council on Monday authorized the sale of up to $30 million in bonds backed by Measure SFS, the parcel tax voters approved last November, and gave the city’s financing team permission to proceed with a negotiated sale expected April 10 with a planned close on April 14.
The authorization, made during a public hearing, clears the way for the city and a joint powers authority to issue bonds to accelerate commercial- and industrial-road reconstruction paid for entirely from the parcel-tax revenue. Staff said the borrowing is intended to speed repairs and avoid higher construction costs later.
"Last November, the residents of Santa Fe Springs approved a parcel tax measure, that allows us…
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