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Lake Elsinore to refinance $89 million in CFD bonds, city says
Summary
City officials told the council they will refinance about $89 million of community facilities district bonds callable in September 2025 to lower special taxes for up to 4,000 parcels and generate roughly $10 million for infrastructure projects; council adopted the required resolutions 5-0.
City financial advisors told the Lake Elsinore City Council on Tuesday that the city will move forward with refinancing roughly $89 million in outstanding Community Facilities District (CFD) bonds that become callable in September 2025, an action officials said will lower special taxes for property owners and free money for local capital projects.
The refinancing, presented by Michael Bush of Urban Futures and the city's financial team, is expected to produce approximately $16.4 million in gross savings to property owners and to free a little more than $10 million for eligible capital and infrastructure work across the city. Council members voted unanimously to adopt the related resolutions and to convene the city's financing authorities.
Michael Bush,…
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