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OCII authorizes up to $300 million refunding of successor‑agency bonds to save on debt service
Summary
The Commission approved a final authorization for OCII to issue two series of tax-allocation refunding bonds not to exceed $300 million, a transaction staff says could generate about $10.5 million in present‑value debt‑service savings and lower the draw on property tax. The Redevelopment Financing Authority approved related redemption agreements.
The Commission on Community Investment and Infrastructure voted Dec. 2 to authorize the issuance of two series of tax‑allocation refunding bonds in a combined principal amount not to exceed $300,000,000 to refinance successor‑agency obligations.
"Given current market conditions, it will help us reduce our debt and save money, reduce our draw on property tax," Director Bohe said, introducing the item. Senior financial analyst John Daigle told the…
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