On Feb. 10, Signal Hill Mayor Edward Wilson signed documents to make official some $2.7 million in savings for the City, according to Elise McCaleb, the City’s economic development manager.
On July 29, 2014, the City Council, acting as the successor agency to the Signal Hill Redevelopment Agency, authorized refinancing of its 2001, 2003A, 2003B and 2003D tax allocation bonds. New tax allocation bonds were issued on Jan. 26, 2015 to pay off $21,960,000 of outstanding debt, according to McCaleb, who added that the refinancing reduced the interest rate on the bonds from 2.7 percent to 1.8 percent on tax-exempt bonds and 4.2 percent to 3.2 percent on taxable bonds. These lower rates resulted in a total savings of $2,744,000, an increase of 44 percent over the estimate, McCaleb said. Over time, the $2.7 million in savings will result in a benefit to the City of $1,070,000 and $1,674,000 to all the other tax agencies, according to McCaleb.
Source: City of SH
(Clockwise from left) Signal Hill City Manager Ken Farfsing; Anita Luck of Aleshire & Wynder, LLP; Signal Hill Finance Director Terri Marsh; and Signal Hill Mayor Edward Wilson finalizing paperwork to refinance tax allocation bonds on Feb. 10
