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New bonds save millions, Vacaville says

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From page A3 | March 01, 2014 |

VACAVILLE — The city and other public agencies will save more than $3 million by refinancing redevelopment bonds first issued at higher interest rates, a Vacaville representative says.

“We are pleased that market conditions allowed for such a successful refunding,” said Emily Cantu, interim director of the city successor agency to redevelopment, in a press release. “We were fortunate to work with a very talented group of professionals to make this very complicated process a success.”

A total of $32.4 million in bonds originally issued in 1996, 2000 and 2001 were refinanced. Bond payments will continue until 2031.

Excess revenues from the city successor agency are redistributed to all the taxing entities affected by the elimination of the city’s redevelopment agency. The new bonds, based on their lower interest rate, should result in extra money to all taxing districts over the next 15 years, the city said.

Piper Jaffray was underwriter, KNN Public Finance was financial adviser and Jones Hall was bond counsel in the bond sales.

Reach Ryan McCarthy at 427-6935 or rmccarthy@dailyrepublic.net.

Ryan McCarthy


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