LOS ANGELES : Council OKs $25 Million in Bonds for Quake Repairs
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The City Council decided Friday to issue $25 million in tax-exempt bonds to fund loans for repairs of quake-damaged apartment buildings.
The bond issue will serve as a pool for banks to tap when making loans for reconstruction projects. Housing Department officials expect to seek approval for the bond sale in July.
The bond issue will help make up for Gov. Pete Wilson’s cancellation of a massive state lending program for the restoration of nearly 20,000 apartments left vacant after the Jan. 17 quake.
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