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Beaumont council gives finance team guidance to pursue CFD refunds if savings meet threshold
Summary
Council directed staff and the city—s financing team to pursue refunding of eligible community facilities district (CFD) bonds when savings meet a 3% net present value threshold or $200 annual per-parcel savings, and to avoid immediate removal of escalating special-tax structures unless they produce no net increase in the first year.
Beaumont city council members on March 18 directed the city—s financing team to pursue refunding opportunities for eligible Community Facilities District (CFD) bonds when specific savings tests are met, while asking staff to monitor escalating special-tax structures carefully before altering them.
At a workshop-style presentation, the city—s external financiers said 17 CFD bond issues totaling about $121 million in outstanding par value are eligible for refunding this year under current call provisions and market conditions. Staff and advisors said market volatility and call premiums on some issues mean not all eligible bonds will be economic to refund immediately.
The council—s guidance: staff should move forward with refunding only when a transaction meets a…
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