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Vista council authorizes refunding of 2015 lease revenue bonds, staff selects level-debt structure for greater savings
Summary
The council approved issuing Vista Joint Powers Financing Authority Refunding Lease Revenue Bonds Series 2025A, selecting a level-annual-debt structure expected to generate the largest estimated cumulative savings; staff will proceed with rating outreach, preliminary official statement and pricing.
The Vista City Council unanimously authorized issuance of Vista Joint Powers Financing Authority refunding lease revenue bonds, Series 2025A, approving related offering documents and the financing team's recommended structure to maximize savings.
Finance Director Mike Sylvia and the city's financing team presented options to refinance outstanding 2015 lease revenue refunding bonds. Leslie Bloom of NHA Advisors told the council the 2015 bonds were originally issued for $96.12 million and currently have about $74.4 million outstanding with an average remaining interest…
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