Sunday, February 1, 2015
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Vacaville bid to save money waits on state approval

By
From page A4 | February 13, 2014 |

VACAVILLE — The city is looking to put a little more money in its general fund by refinancing three tax allocation revenue bonds that date back to 1996, 2000 and 2001.

The refinancing, if OK’d by the state Department of Finance, will roll the three separate transactions into one and hopefully shave off a couple of interest percentage points. Emily Cantu, the interim director of housing services, said the interest rates on the three current bonds are between 4.5 percent and 5.8 percent.

“We’re projecting new rates between 2 and 5 percent, with an average of just under 4 percent,” Cantu said.

The state Department of Finance has until Feb. 18 to approve the move. At that point the bonds will be put on the market. Advisers for the city don’t anticipate any issues with approval or selling the bonds.

Cantu likened the decision to a home budget and said, “If I refinance, then I have more cash at the end of the month. That’s the very basic idea.”

Anticipated savings for the city over the 17-year term, 2014 through 2031, is $388,000, which would go into the city’s general fund.

Cantu said the savings per year would fluctuate.

Before the dissolution of the city’s Redevelopment Agency, the proceeds of the bonds were loaned to the agency to finance various redevelopment projects. Loan payments owed by the former Redevelopment Agency are now the responsibility of the Successor Agency, which was formed to tie up loose ends after the state eliminated the redevelopment program.

After the loan payments are paid through a process called Recognized Obligation Payment Schedule, the city and other tax entities, such as the school district, can divide the remaining money. By refinancing and lowering the debt service, the city and other tax entities can gain some extra money in their respective coffers.

Total estimated savings passed on to all the tax jurisdictions involved over the 17 years is about $1.6 million.

The process began in November 2013 with a series of steps through the Successor Agency Oversight Board, the Successor Agency, city staff and the City Council. Oversight Board approval of the action was already sent to the state Department of Finance.

Reach Susan Winlow at 427-6955 or [email protected] Follow her on Twitter at www.twitter.com/swinlowdr.

LEAVE A COMMENT

Discussion | 1 comment

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

  • The MisterFebruary 13, 2014 - 7:01 am

    So the Vacaville taxpayers really are on the hook to pay for all of those "redevelopment" projects? The developers got their easy money, the City got their kick-backs and perks, and the taxpayers got the bill. Bloody rotten.

    Reply | Report abusive comment
.

Solano News

 
Fire Department honors top firefighters

By Bill Hicks | From Page: A1, 1 Comment | Gallery

 
 
 
4th annual Health and Wellness Fair a big success

By Susan Hiland | From Page: A3 | Gallery

 
Banish dry skin this winter

By Sarah Porkka | From Page: C4, 1 Comment

 
Chocolate: A long journey to deliciousness

By Karen Metz | From Page: C4

 
County board to consider DA reorganization plan

By Kevin W. Green | From Page: A5

Eurozone offers lesson in debt

By Mark Sievers | From Page: B7

 
Rodriguez graduate completes basic training

By Nick DeCicco | From Page: B10

 
Suisun City police log: Jan. 30, 2015

By Susan Hiland | From Page: A12

Fairfield police log: Jan. 30, 2015

By Susan Hiland | From Page: A12

 
.

US / World

 
NASA launches Earth-observing satellite

By The Associated Press | From Page: A1

From ocean to ocean, through the Panama Canal

By The Associated Press | From Page: C1

 
Scientist considered father of birth control pill dies

By The Associated Press | From Page: A5

‘Rolled Sleeves Bandit’ tied to 7 bank robberies in custody

By The Associated Press | From Page: A5

 
Bay Area agency accuses former official of embezzling $1.3M

By The Associated Press | From Page: A5

Los Angeles female-only mosque may be first in US

By The Associated Press | From Page: A5

 
California health care contract fight resolved

By The Associated Press | From Page: A5

Man arrested after body parts found in suitcase

By The Associated Press | From Page: A5

 
Letter with suspicious powder received at Samaritan’s Purse

By The Associated Press | From Page: A6

Snails slither into spa scene in Thailand and around world

By The Associated Press | From Page: C6

 
 
Drivers: Return to your dealers for a 2nd air bag recall fix

By The Associated Press | From Page: A7

 
Hatfields, McCoys make moonshine legally in southern W.Va.

By The Associated Press | From Page: A7

Airport authorities: Traveler beats homeless man with chair

By The Associated Press | From Page: A7

 
Kerry: ‘Enormous interest in new relationship with Cuba

By The Associated Press | From Page: A7

Fire devastates major Russian library, threatens rare texts

By The Associated Press | From Page: A9

 
Swiss police: 4 dead after avalanche hits group of skiers

By The Associated Press | From Page: A9

Fire at Bangladesh plastics factory kills at least 13

By The Associated Press | From Page: A9

 
Islamic State fighters admit defeat in Syrian town of Kobani

By The Associated Press | From Page: A9

 
From car lots to city budgets, cheap oil means change

By The Associated Press | From Page: B9

Africa agrees to send 7,500 troops to fight Boko Haram

By The Associated Press | From Page: A9

 
5 given preliminary charges over jihadi network in France

By The Associated Press | From Page: A9

 
Civilians flee east Ukraine town as fighting intensifies

By The Associated Press | From Page: A10

British actress Geraldine McEwan dies at age 82

By The Associated Press | From Page: A10

 
Greek leader tamps down rhetoric, vows to pay off debts

By The Associated Press | From Page: A10

Iraqi libraries ransacked by Islamic State group in Mosul

By The Associated Press | From Page: A11

 
.

Opinion

 
Sound off for Feb. 1, 2015

By Daily Republic | From Page: A8

 
Good old days weren’t as good as we remember

By Megan Mcardle | From Page: A8

Editorial Cartoon: Feb. 1, 2015

By Daily Republic Syndicated Content | From Page: A8

 
.

Living

Community Calendar: Feb. 1, 2015

By Susan Hiland | From Page: A2

 
Today in History: Feb. 1, 2015

By The Associated Press | From Page: A2

Sundance doc pulls back curtain on Scientology

By The Associated Press | From Page: C3

 
Prayer, commonly misunderstood

By The Rev. Rick L. Stonestreet | From Page: C3, 7 Comments

 
Horoscopes: Feb. 1, 2015

By Holiday Mathis | From Page: C4

Volunteer or visit because February is National Salute to Veteran Patients

By Kathy Mitchell and Marcy Sugar | From Page: C4

 
.

Entertainment

 
Lorrie Moore nominated for short story prize

By The Associated Press | From Page: C2

New book to feature unpublished Hemingway conversations

By The Associated Press | From Page: C2

 
PUBLISHERS WEEKLY BEST-SELLERS

By The Associated Press | From Page: C2

Review: ‘First Bad Man’ is Miranda July’s debut novel

By The Associated Press | From Page: C2

 
TVGrid

By Daily Republic Syndicated Content | From Page: B11

.

Sports

Mustangs win the whole Encalada

By Marcus Lomtong | From Page: B1, 1 Comment | Gallery

 
Super Bowl the final act of the NFL’s worst season

By The Associated Press | From Page: B2

Lowest prices on last-minute Super Bowl tickets near $9,000

By The Associated Press | From Page: B2

 
Laird takes a 3-shot lead in Phoenix Open

By The Associated Press | From Page: B3

 
Seau, Bettis, Brown, Haley, Shields voted into Hall of Fame

By The Associated Press | From Page: B3

Rodgers wins MVP, Watt unanimous top AP defensive player

By The Associated Press | From Page: B3

 
Lydia Ko takes No. 1 spot at 17, Na Yeon Choi wins opener

By The Associated Press | From Page: B3

.

Business

On the money: Low gas prices, incentives change math for electric cars

By The Associated Press | From Page: B7 | Gallery

 
Small talk: NFL players find second careers as entrepreneurs

By The Associated Press | From Page: B7 | Gallery

Recalls this week: space heaters, orbital sanders

By The Associated Press | From Page: B8

 
Sumptuous seaside hotel sells for record-shattering $360M

By The Associated Press | From Page: B8

Review: Open e-book format comes with headaches

By The Associated Press | From Page: B9

 
.

Obituaries

Flora Mae Brooks

By Susan Hiland | From Page: A4

 
Otilia (Tela) Quinn

By Nancy Green | From Page: A4, 2 Comments

Lester Singer

By Nancy Green | From Page: A4

 
WillIiam “Bill” Hunter

By Nancy Green | From Page: A4

Garry A. Britton

By Nancy Green | From Page: A4

 
Anthony Neal Hunley

By Nancy Green | From Page: A4

Frank Z. Perez

By Nancy Green | From Page: A4

 
Joe Lambert Robinson

By Nancy Green | From Page: A4, 1 Comment

.

Comics