OCII authorizes Mission Bay bond program, staff says refundings could save millions

The Commission on Community Investment and Infrastructure on Oct. 20 approved a set of bond actions that will allow the successor agency to issue refunding and new‑money tax allocation bonds to support Mission Bay infrastructure and reimburse developer expenditures.

Senior financial analyst John Daigle told commissioners the package included a budget amendment to permit up to $135 million in bond proceeds (item 5C), authorization to issue Mission Bay North Series 2016A refunding bonds (not to exceed $125 million; item 5D), Mission Bay South Series 2016B refunding and Series 2016C new‑money bonds (not to exceed $115 million and $45 million respectively; item 5E), and subordinate Mission Bay South Series 2016D bonds (private placement, not to exceed $90 million; item 5F). "These bonds will provide new money for the Mission Bay South infrastructure funding, helping to maintain the pace of development," Daigle said.

Daigle said the refundings seek…