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Santa Fe Springs sells $31.8 million in bonds; city manager says funds will finance road work
Summary
City staff delayed an April bond sale to seek better market conditions and sold $31.8 million; officials said the timing and structure likely saved the city roughly half a million dollars and will provide cash for road improvements within weeks.
Renee Bobadilla, city manager for Santa Fe Springs City, told the council the city sold $31.8 million in bonds after delaying an April 9 sale to seek a more favorable market window.
The sale will provide an immediate cash infusion for capital work: "in 2 weeks James is gonna have $30,000,000 in cash to start spending on these road improvements," Bobadilla said, referring to the public works program.
Why it matters: the timing and structure of the bond sale reduced the city’s projected interest costs, according to the city’s finance…
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