VENTURA : Refinancing Harbor Village Debt Studied
The Ventura Port District Commission decided Wednesday to consider refinancing its $8.5-million debt on the Ventura Harbor Village and borrowing $1.2 million to refurbish the docks at the village.
The board voted to allow a Northridge-based financial consultant to develop a refinancing package that would involve issuing 25- or 30-year certificates of participation, which are similar to bonds. Private corporations would probably be approached to buy the certificates, said Richard Parsons, general manager of the Ventura Port District.
The board did not commit any money to the proposal, and the consultant will be paid only if the refinancing is successful, Parsons said.
“There’s no risk to us,” Parsons said before the board meeting Wednesday. “It’s the only reason we’re doing it.”
Municipal finance consultant Rocco Chidoni approached district officials with the proposal more than a year ago, Parsons said. Interest rates are low, and refinancing could save the district some money on the financially beleaguered Harbor Village, Parsons said.
Parsons stressed that the decision did not commit the board to any refinancing yet.
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