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Arcata refinances outstanding bonds with over 2.8 million in savings
ARCATA - Bond refinancing, it’s what the city of Arcata has been waiting for and there’s substantial savings in the report given at Wednesday night’s city council meeting.
Representatives from Umpqua Bank gave a presentation on how refinancing the former Development Agency's outstanding bonds, is going to help the city.
The purpose is to reduce city debt with the state and generate additional funds for affected tax entities. The tax allocation refunding bonds will save the city over $2.8 million dollars over the next 17 years. With savings going to the general fund and other various tax entities within specific areas.
“The city of Arcata will get a bump to the general fund of about $25,000 dollars a year, but another $145,000 dollars each year will go to schools, county and special districts,” said Umpqua Representative.