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Laguna Beach receives public input on West Street undergrounding; council asks for more bond analysis
Summary
At a public meeting, staff reported updated project costs for the West Street undergrounding assessment district and council directed further review of bond-purchase options including a briefing from the investment committee before deciding whether the city should buy the bonds.
Laguna Beach held a public meeting July 22 on the proposed West Street Underground Utility Assessment District, where residents pressed the council for clarity about project costs, ballot procedures and the city’s proposed bond-financing options.
Pierre Sawaya, the city’s capital program manager, told the council the project’s construction estimate had fallen by roughly $800,000 after San Diego Gas & Electric completed competitive bidding on some work; that, together with bond-finance refinements, reduced the district assessments by about 15–20% for impacted parcels, Sawaya said. He also outlined three ways to place municipal bonds to pay for assessments: a public offering, a private placement (bank purchase) and a city internal purchase (city buying its own…
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