Lindsay $4.2 mil bond finance team named

By C.J. Barbre

In the Dec. 29, 2004 Lindsay Gazette was a front page story that the Lindsay Redevelopment Agency had participated in a "Finance Workshop," about the proposition that the city float a $4.2 million bond to refund the debt, or refinance the Redevelopment District.

At that time the agency authorized staff to proceed with the actions needed to prepare for the issuance of the proposed 2005 bonds.

At a meeting of the LRA on Jan. 11, the agency agreed to retain a financing team consisting of Urban Futures, Inc., financial advisor; Stradling Yocca Carlson & Ruth, bond counsel; Wedbush Morgan Securities, underwriter; and Harper & Burns, disclosure counsel as recommended by staff. Fiscal Officer Kenny Walker said it was required by redevelopment law for all four groups to be included in order to create a bond issue.

The finance team will now begin to prepare the financing and legal documents needed to issue the 2005 bonds. They are expected to be ready for consideration at the next meeting of the LRA at 6:45 p.m. on Feb. 8 in council chambers at Lindsay City Hall.

The professional fees and expenses of the finance team are contingent on the successful closing of the proposed 2005 bonds and will be paid from the proceeds of those bonds. The bonds will not be a debt of the City. Repayment will be limited to a pledge of tax increment revenues from the project area.

Start typing and press Enter to search