Urban Futures Inc. (UFI) has recently completed bond financing for the cities of Pasadena and Garden Grove. Expanding on the growing portfolio of clients that UFI serves, Garden Grove and Pasadena both benefitted from the skill and expertise of the UFI Public Finance team.
Seeking to capitalize on lower interest rates, the City of Pasadena sought to refinance Certificate of Participation (COP) bonds originally sold in 2008. Refinancing at a 3.19% interest rate, the City of Pasadena will realize an annual savings of $158,000 through 2018 and $214,000 thereafter through 2038, saving the City an estimated $4.75 million in total debt payment.
Garden Grove refinanced 2002 Lease Revenue Bonds while raising $8.5 million in new revenue for the construction and renovations of police and fire stations. The refinancing resulted in a reduced interest rate of 4.14%, 1.4% less than the rate the 2002 bonds were sold at. The City will realize an annual debt payment savings of $50,000.
In both instances, a strong credit rating, robust budget performance and flexibility, and solid management lead the cities to garner competitive interest rates. The UFI team worked diligently to ensure that residents of the communities of Garden Grove and Pasadena maximize the use of their tax dollars and cease to pay unnecessary interest.
Cities interested in bond refinancing or original bond issuance should contact Mike Busch at (714) 283-9334 or email@example.com.
Urban Futures, Inc. has been providing services to local governmental agencies for over 43 years. Operating as five divisions – UFI Public Management Group, UFI Public Finance Group, UFI Economic Development Group, Analytics and Compliance Group and Isom Advisors – UFI offers clients a growing portfolio of services and industry expertise that might otherwise be out of reach. Over 300 public agencies have benefited from partnering with UFI. UFI is based in Orange, CA with offices in Walnut Creek and El Dorado Hills. Visit their website at www.urbanfuturesinc.com or call (714) 283-9334.