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OCII begins process to refinance Hunters Point Shipyard CFD bonds, seeking final state approvals
Summary
The Commission authorized staff to start the bond-issuance steps to refund CFD 7’s variable-rate bonds (up to $40 million) and approve related bond documents; final confirmation requires Oversight Board and Department of Finance sign-offs. Underwriter estimates place a 30-year fixed-rate at roughly 5.5–6%.
The Commission on Community Investment and Infrastructure on April 15 approved a resolution to begin the process of refinancing Community Facilities District No. 7 (Hunters Point Shipyard Phase 1) variable-rate bonds and to approve three core bond documents needed to move the deal forward.
John Daigle, OCII senior financial analyst, told commissioners that CFD 7 issued variable-rate bonds in 2005 under the Mello-Roos Act and that the bonds are currently secured by a letter of credit that expires in September 2014. Daigle said issuing…
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