Masterhead

Thank you for visiting pittsburg.gate2bay.com. Fill in the form below:

Name/Corp.:

E-mail:

Subject:

Message:

Pittsburg looks to refinance redevelopment bonds

Published Sep 18

That move, which the Pittsburg City Council will discuss Mon night, would also mean the bonds would be paid off sooner — by 2030 instead of 2037.

The city — specifically, the successor agency to what until 2012 had been its redevelopment agency — still owes $243 mill. in principal payments on those 5 series of bonds. The payments are $22.3 mill. annually, made from house taxes collected from within Pittsburg’s old redevelopment project areas.

It’s just like a homeowner refinancing a mortgage, stated Brad Farmer, Pittsburg’s director of finance — in this case, a 6.11 percent interest rate would go down to 4.81 percent.


Read more at
Contracostatimes

google-468x60a

Share This Post

DeliciousDiggGoogleStumbleuponRedditTechnoratiYahooBloggerMyspaceRSS

selfad-writeart-b