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Roseville council approves refunding of Westpark Community Facilities District bonds; estimates $3.1M savings
Summary
Council authorized issuance of special tax refunding bonds for Westpark CFD No. 1, approving documents to refinance 2015 bonds. Staff estimated roughly $3.1 million net present value savings and an earlier payoff of developer reimbursement obligations.
The Roseville City Council on Sept. 17 approved a plan to refinance outstanding bonds for Westpark Community Facilities District No. 1, authorizing issuance of special‑tax refunding bonds and related documents.
Finance director Scott Pettingell and CFD management analyst Janine Thrash presented the proposal to refund the district’s 2015 refunding bonds, citing current market rates that staff estimated would yield about a 6% net present value savings—roughly $3.1 million. Pettingell said the refunding would not increase the total bond amount or extend the term compared with the 2015 bonds and that the developer infrastructure reimbursement obligation for the district is expected to be satisfied in about five years under the refunding scenario (shorter than the previous estimate of eight years).
Pettingell described the district as within the West Roseville Specific Plan area and noted the district is comprised of parcels that will continue to be levied at the maximum special tax until the developer obligation is paid. The council authorized appproval of the sale pursuant to a bond purchase agreement, approval of the fiscal agent agreement and the preliminary official statement, and other documents required to complete the transaction.
The motion to adopt Resolution No. 205‑299 authorizing issuance of the special tax refunding bonds was moved and seconded and passed on a roll call vote: all councilmembers voted yes. Mayor Bernasconi commented, "We don't have a refund very often. This is great. We'll take it."
Staff said no new bonds are proposed, the district’s levies remain in place until obligations are met, and property owners could begin to see potential reductions in their special tax after the developer reimbursement obligation is satisfied.
