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Council hears options to refinance $121 million in CFD bonds; seeks policy guidance on savings thresholds
Summary
Finance staff and consultants presented options to refund outstanding Community Facilities District (CFD) bonds, identifying about $121 million in eligible par value and asking the council to set net-present-value and per-parcel savings thresholds and whether to remove escalators in some improvement areas.
Beaumont city staff and their financing team told the City Council on March 18 that roughly $121 million in outstanding Community Facilities District (CFD) bonds are eligible for refunding and asked the council for policy guidance on savings thresholds and structural options.
Shane Spicer, special-tax consultant, and Tom Jacob, underwriter representative, presented the city’s CFD debt profile and said 17 bond issues totaling about $121,000,000 in outstanding par value are callable or otherwise eligible to be refinanced this year. The presenters noted market volatility that affects whether individual issues produce…
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