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Council hears presentation on CFD refunding options; staff seeks direction on savings thresholds
Summary
Financing consultants presented options to refinance community facilities district (CFD) bonds totaling roughly $121 million eligible this year; staff asked council for guidance on net present value thresholds, per-parcel savings and whether to remove 2% escalators on some levies.
City finance and outside consultants presented a review of Beaumont's community facilities district (CFD) debt profile on March 18 and sought council guidance on potential refunding opportunities.
Consultant Mike Bush and underwriter representative Tom Jacob told council that the city's total CFD portfolio includes roughly $144 million in outstanding par value, with 17 issues eligible to be refinanced this year totaling about $121 million. Jacob said eligibility does not guarantee…
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