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OCII approves refinancing authorization for 2017 refunding bonds; commissioner recuses
Summary
The Commission on Community Investment and Infrastructure approved a resolution authorizing up to $158 million (taxable) and $27 million (tax-exempt) in refunding tax allocation bonds intended to refinance outstanding obligations and realize estimated savings of about $2.6 million; one commissioner recused from the vote.
The Commission on Community Investment and Infrastructure on Tuesday voted to authorize issuance of two refunding bond series under Resolution 24 2017 to refinance outstanding redevelopment project obligations.
Staff said the authorization covers a taxable Series D issuance not to exceed $158,000,000 and a tax-exempt Series E issuance not to exceed $27,000,000. Senior Financial Analyst John Daigle told commissioners the actual deal is expected to be substantially smaller than those "not to exceed" caps — roughly $123 million in par amount if markets permit — and…
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