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Committee Reviews Authority to Refund Laguna Honda Variable-Rate Bonds; Controller Notes Taxpayer Savings
San Francisco City and County Board of Supervisors Budget and Finance Committee · May 14, 2008
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Summary
The committee was briefed on an authorization to refund $120 million of Laguna Honda variable-rate general obligation bonds issued in 2005; the controller/budget analyst estimated a net present-value savings of about $15.6 million, reducing annual property taxes by modest amounts per household.
The Office of Public Finance told the Budget & Finance Committee that authority to refund or convert $120 million of variable-rate Laguna Honda general obligation bonds would allow the city to fix rates and lower borrowing costs after recent market…
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