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Norwalk successor agency approves steps to refinance 2005 tax allocation bonds, release reserve funds
Summary
The City of Norwalk Successor Agency voted March 17 to authorize steps to refund its 2005 tax allocation refunding bonds and to hire a financing team, a move staff says would free up millions for redevelopment and housing projects pending county and state approvals.
The Successor Agency to the Norwalk Redevelopment Agency voted March 17 to move forward with a plan to refund a portion of the agencys outstanding 2005 tax allocation refunding bonds and to hire the financing team needed to carry out the transaction.
Staff member Iyanna Stewart told the board the refunding could produce debt-service savings while not increasing overall indebtedness, and would allow the successor agency to release existing debt service reserves currently held by the trustee. "As of today, the successor agency still has over $32,000,000 outstanding,"…
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