Oceanside
The civic center project has leaped another hurdle with the sale of more than $27 million in bonds, Oceanside officials said Thursday.
Officials said the sale was more successful than they had anticipated, with the bonds selling at an interest rate of about 8%. They expected the bonds to go at 9%. By selling the bonds at a lower interest rate, the city will make lower annual payments to retire the debt, according to Janet Martin, a city spokeswoman.
City financial officials had expected to pay about $2.7 million a year to finance the project, but the payment will be about $2.4 million annually.
The bonds were purchased Wednesday by Merrill Lynch Capital Markets of Los Angeles. The City Council approved the sale during an afternoon meeting Wednesday.
Officials say the 117,000-square-foot civic center complex, bounded by Mission Avenue and Hill, 3rd and 4th streets, will be the centerpiece of Oceanside’s downtown redevelopment effort. Construction is expected to begin in late 1987 and end in early 1989.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
