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Council approves refunding bonds for Sunridge North Douglas community facilities district
Summary
City finance staff said refinancing 2015 bonds for the Sunridge North Douglas CFD could generate an estimated $700,000 in net present value savings to property owners; council approved the resolution with correction to the not‑to‑exceed principal of $14,000,000.
The Rancho Cordova City Council approved a resolution authorizing issuance of refunding bonds for the Sunridge North Douglas Community Facilities District to refinance bonds issued in 2015.
Assistant Administrative Services Director Michelle Menge told council that the city expects to refinance approximately $14.2 million of original bonds and that recent estimates show about $700,000 in net present value savings could be passed to property owners in the district. Staff asked the council to correct conflicting language in the resolution so the aggregate principal not to exceed figure reads $14,000,000; the correction was agreed in the motion.
There were no public comments on the item. Council moved and seconded the staff recommendation; the roll call vote on the resolution was recorded as unanimous among those present.
Staff said the transaction would be structured to seek a minimum refinancing yield (example floor) and target a rate consistent with market conditions to achieve savings for district property owners. Council members noted they were pleased to return savings to property owners.
