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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.

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Discussion | 1 comment

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  • 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
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