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City CFO outlines $306.5M refunding opportunity and $493M of planned bond issuances through 2033
Summary
City CFO Robert Cortinas told the Financial Oversight and Audit Committee the city can pursue a roughly $306.5 million refunding callable in May that could yield an estimated $18 million in net present value savings if structured to meet the council’s 3% threshold; he also outlined roughly $493 million of remaining public-safety, community-progress and SIB loan issuances planned between 2027 and 2033.
Robert Cortinas, the city’s chief financial officer, provided a detailed briefing on the city’s outstanding debt and near-term opportunities to lower borrowing costs.
Cortinas said the city’s total outstanding debt stood at about $1.3 billion as of Aug. 31, 2025, with roughly $306.5 million of bonds becoming callable in May 2026. "We're right now projecting to generate about $18,000,000 of savings by refunding these bonds," Cortinas said, while noting that actual results will depend on market conditions and exact structuring. He told…
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