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OCII authorizes documents to refund Mission Bay South CFD bonds, projects $17 million in present-value savings
Summary
The Commission on Community Investment and Infrastructure approved documents to consolidate five Mission Bay South CFD bond issues into a single refunding bond, estimating about $17 million in present-value savings and a likely upgrade to investment-grade ratings; the action moves next to the Oversight Board and Department of Finance review.
The Commission on Community Investment and Infrastructure on Sept. 5 authorized documents to refund five outstanding special-tax bond issues tied to Community Facilities District No. 6 (Mission Bay South), aiming to consolidate them into a single bond and reduce debt-service costs.
John Daigle, OCI debt manager, told commissioners the refunding would combine five outstanding CFD 6 bond issues into one issuance and produce an estimated $17,000,000 in present-value savings. "The purpose of the issuance of the refunding bonds is to refund the 5 bond issues," Daigle said, and noted improved appraised values…
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