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Council authorizes issuance of marina revenue refunding bonds, up to $103 million, to cut debt service
Summary
The City Council authorized issuance of up to $103 million in Marina Revenue Refunding Bonds to refinance 2015 marina bonds and reduce debt service costs, with staff emphasizing the bonds will be paid from marina revenues (slip fees) only.
The City Council on April 15 adopted a resolution authorizing the issuance of City of Long Beach Marina Revenue Refunding Bonds, Series 2025, in an aggregate principal amount not to exceed $103,000,000 and authorized execution of related financing documents.
Kevin Repper, Director of Financial Management, and Assistant City Treasurer Jesse Ortega presented the refunding plan. They said the proposed refunding would refinance roughly $100 million of marina revenue bonds sold in 2015, maintain the final maturity in 2045, and feature federally tax-exempt interest. Staff said the refunding could produce debt-service savings on the order of roughly $500,000 a year under then-current market assumptions…
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