Newport Beach city officials recently refinanced assessment district bonds, saving property owners between $100 and $900 annually, according to a city announcement.
Property owners over the past 25 years formed assessment districts to underground utility lines and remove poles from their neighborhoods.
Seizing on available low interest rates, officials consolidated the debt from 14 districts into one and lowered the interest rate to 2.3%. Before, some of the bonds carried interest rates up to 5.8%.
About 1,900 property owners will see discounts on their property tax bills.
The current outstanding principal for all districts is $16.1 million.
— Mike Reicher