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OCII authorizes Mission Bay South refunding bonds and approves underwriter panel; commission later clarifies scope with a re‑vote
Summary
The commission authorized tax allocation refunding bonds for Mission Bay South (not to exceed $85 million), approved an underwriting team led by Citibank with Wells Fargo as co‑manager and later rescinded the narrower underwriting approval to vote on the full refunding resolution; staff estimated net present value savings and described required oversight steps.
The Commission on Community Investment and Infrastructure on June 20 authorized issuance of tax allocation refunding bonds for the Mission Bay South redevelopment project area and approved the underwriter selection for the planned refunding.
OCII’s debt manager, John Daigle, described the item as a two‑series refunding of the existing 2016D Mission Bay South bonds, intended to capture interest‑rate savings and benefit from an expected credit upgrade. He said the refunding would move subordinate,…
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