BOND REFINANCING TO SAVE TOWN $143,000.00 A YEARS FOR 20 YEARS

At last week’s meeting of the Yucca Valley Town Council, the council, acting as a successor agency to the dissolved redevelopment agency, approved an action that will save the town $143,000 a year for the next 20 years. Managing editor Tami Roleff says that action now goes to another agency for approval…
In 2008, the now-dissolved Yucca Valley Redevelopment Agency issued bonds to finance development activities in the town. The interest rate on these bonds that the town has to pay is 5.85 percent. At last week’s meeting, the council, acting as a successor agency to the dissolved redevelopment agency, authorized re-funding, or re-financing, these bonds, to an interest rate of 3.85 percent. The lower interest rate will save the town about $143,000 per year for the next 20 years. At 8 a.m. Tuesday morning, the oversight board for the dissolved RDA will meet to issue its approval of the re-funding of the bonds. The meeting will be held in the Mesquite Room of the Yucca Valley Community Center.