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Board approves up to $95 million refunding for former redevelopment agency bonds
Summary
Santa Cruz County supervisors voted unanimously on Feb. 11 to authorize refunding bonds up to $95 million to refinance select redevelopment successor agency bonds.
Santa Cruz County supervisors voted unanimously on Feb. 11 to adopt a resolution authorizing the issuance of tax allocation refunding bonds 2025 Series A in an amount not to exceed $95,000,000 to refinance portions of outstanding redevelopment successor agency debt.
The move is intended to reduce annual debt service on the successor agency’s obligations and thereby reduce the amount of tax‑increment revenue required for debt payments. Suzanne Harrell, the county’s financial advisor, told the board the average reduction in debt…
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