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Perris council approves resolutions to begin issuance of bonds for two CFDs, authorizes passive validation period
Summary
The City of Perris approved resolutions to begin issuance of bonds tied to two community facilities districts (CFDs) that will reimburse a developer for infrastructure; staff estimated roughly $15 million in bonds and set not-to-exceed parameters ahead of final sale.
The Perris City Council on Feb. 25 held a public hearing and approved resolutions authorizing documents to begin the issuance of bonds tied to two community facilities districts (CFD 2021‑1 and CFD 2022‑1), a financing step that would reimburse a developer for previously constructed infrastructure.
City finance staff and the city's municipal advisor told council members the proposed transaction would combine two CFDs into one series of bonds issued through the Perris Joint Powers Authority. Jim Fabian of Fieldman Rolapp & Associates said the bonds would be secured by special taxes levied on properties in the CFD boundaries and that the sale is planned for late April with a closing in mid‑May.
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