Finance Authority of Long Beach
TL;DR
The Long Beach Finance Authority held a meeting to approve refinancing of a $23 million bond related to the Rainbow Harbor project, which could potentially save the city money on debt payments. This financial maneuver involves replacing older 2006 bonds with new lease revenue bonds at potentially more favorable terms.
Key Decisions
- Rainbow Harbor Bond Refinancing Passed
Agenda
- CALL TO ORDER
- ROLL CALL
- REGULAR AGENDA
- 1. Recommendation to receive the documentation into the record regarding the debt issuance by the Finance Authority of Long Beach, adopt resolution authorizing the issuance of Lease Revenue Bonds in a principal amount not to exceed $23,000,000 to refund the outstanding Long Beach Bond Finance Authority Lease Revenue Refunding Bonds 2006 Series A (Rainbow Harbor Refinancing Project), and approve the form and authorize the execution of related documents and official actions.FA-Finance AuthorityAction: approve recommendation and adopt Passed
A motion was made by John Gross, seconded by David Nakamoto, to approve recommendation and adopt Resolution No. FALB 2016-02. The motion carried by the following vote:
- NEW BUSINESS
- PUBLIC COMMENT
- ADJOURNMENT
- I, Allison Bunma, Sr. City Clerk Analyst, certify that the agenda was posted not less than 72 hours prior to the meeting.
- NOTE: The City of Long Beach provides reasonable accommodations in accordance with the Americans with Disabilities Act of 1990. If a special accommodation is desired, or if an agenda is needed in an alternative format, please call Fidel Aguayo, Financial Management at (562) 570-5023, at least 48 hours prior to the meeting.
- CALL TO ORDER (11:00 AM)
- Also Present: Fidel Aguayo, Debt Manager, Treasury Bureau.
- ROLL CALL
- adb
- FINISHED AGENDA & MINUTES
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