Beverly Hills : Debt on Center Refinanced
The city has refinanced the debt on its almost-completed Civic Center by issuing new certificates of participation worth $116,360,000, Finance Director Donald J. Oblander said.
The sale of the certificates, similar to municipal bonds, was opened Oct. 25 after the City Council decided to take advantage of low interest rates to raise more money to pay for the final stages of construction.
Some of the money will also go to pay for new programs, including an $8-million contribution to a proposed renovation of the city’s downtown business district.
The city saved $896,558 in interest costs, Oblander said. He said the recent upgrading of Beverly Hills’ bond rating by Standard and Poor’s may have helped the city sell its debt.
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