Board hears timeline, amounts and bondholder representative for Regional Center refinancing
Board members received details that the anticipated USDA payoff is about $8.5 million, the resolution sets a maximum draw parameter of $10 million, construction is estimated at roughly two years with a draw toward summer 2028, and Hamlin Capital Management was named as bondholder representative.
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Board members asked when any refunding draw would occur and who would bear risk. Bond counsel said the financing is a drawdown structure: Regional Center will requisition amounts as needed and the draw for refunding is anticipated toward the end of a roughly two‑year construction period—about summer 2028—though counsel allowed it could occur sooner if required by USDA timing.
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