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Countywide

Bond Issue Approved:The Board of Supervisors held a rare “special session” Monday to approve a $29-million housing bond issue amid fears that the bonds will be less attractive to investors after new tax rules take effect Wednesday. John Stevens, aide to board Chairman Thomas F. Riley, said bonds purchased after May 1 may not be tax-exempt, depending on the Internal Revenue Service’s enforcement decisions in specific investment situations. The bonds are less attractive to investors without tax-exempt status, Stevens said. Monday’s action involved financing for the Riverbend Apartments in Yorba Linda. The bonds are used to finance housing for people with low to moderate incomes. Stevens and other county officials said they could not remember when the last “special session” was held.


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