HomeMy WebLinkAbout3A - PresentationSuccessor AgencyTax Allocation Bonds Refinancing
Agenda Item: 3A | September 12, 2024
Successor Agency Obligations
2007 Series B Tax Allocation Bonds*
2014 Tax Allocation Bonds
2017 Series A Tax Allocation Bonds
2017 Series B Tax Allocation Bonds
*Issued Prior to Redevelopment Dissolution
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Successor Agency Funding
Tax Increment (RPTTF) Allocated First to Pay Successor Agency Obligations
Surplus Allocate Among Taxing Agencies
–City (23%)
–County
–School
–College
–Special Districts
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2014 Bonds Refinancing Opportunity
Mature in 2034, 10 Years Remaining Payments
2014 Bonds Interest Rate = 5.00%
2024 Bonds Interest Rate = 2.92%*
Debt Service Reduction of 8.3% or $600,000**
* As of August 15, Current 2.83%
** As of August 15, Current $636,000 (8.8%)
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2014 Bonds Refinancing Opportunity
Debt Service Reduction Creates Additional
Surplus to be Distributed to Taxing Agencies
–General Fund Share is Approximately 23%
–Approximately $140,000 received by General Fund
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Approval Process
City Council, Acting as Successor Agency Approves Resolution Authorizing Issuance of Refunding Bonds Within Dissolution Act Parameters
Countywide Oversight Board Approves Companion Resolution
Department of Finance Approves Oversight Board Action Within 60 days
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