Avenal, California Financing Program.SAN FRANCISCO--(BUSINESS WIRE)--Oct. 2, 1997--The Kings County community of Avenal successfully sold $10,820,000 in refunding revenue bonds last week. The bond sale provided funds to retire $8,665,000 in outstanding bonds sold by the City's public financing authority in 1989. In addition, the new bond issue lowered the City's interest cost, retired outstanding loans made to the City's water enterprise by the US Department of Agriculture, and raised new capital for an expansion of the City's water treatment facilities. Avenal, once a booming oil town, is now home to Avenal State Prison Avenal State Prison (ASP) is a state prison in California, USA. Opened in January 1987, it is low-medium security (Level II) prison. In 2002/2003, ASP had a budget of $98 million and 814 correctional officers. Designed for 2,320 inmates, it now houses over 7,620. , one of the country's largest medium security prisons with a prison population of approximately 5,800. While debt service payments on the 1989 bonds have been current, the 1989 issue has been the topic of several media stories involving investigation by Federal regulators. The portion of the 1989 proceeds invested in Special Tax Bonds of the City of Ione's Country Club Estates project and Special Tax Bonds of the County of Nevada's Wildwood Wildwood, city (1990 pop. 4,484), Cape May co., SE N.J., on an island off Cape May; settled 1882, inc. as a city 1911. It has large commercial fisheries and is a popular summer seaside resort with many vintage motels and other buildings from the 1940s–60s. Estates project was fully recovered from the original underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. of the 1989 bonds. Last October, $2 million in 1989 bonds were redeemed from the proceeds of that recovery. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. City Manager, Melissa Whitten, "City staff and the city council have worked hard over the past year to develop a strategy to refund the 1989 bonds. We are pleased and proud of what our community has accomplished with this refunding. We know that our 1989 bond investors will be pleased with the optional redemption at a premium price of 102.5% as was originally provided for in the 1989 bond. Likewise, we believe our new investors recognize the community's commitment to our debt management program and the continued economic improvement of our city. Avenal is dedicated to maintaining good investor relations Investor relations The process by which the corporation communicates with its investors. ." Stone & Youngberg, a leading investment bank in California local government finance, structured the financing program along with the City's bond counsel, Chip Eady of Musick, Peeler & Garrett LLP LLP - Lower Layer Protocol . Stone & Youngberg was represented in the transaction by the law firm of Fulbright & Jaworski L.L.P. The 1997 financing program is anchored by a combination of revenue sources available to Avenal including the City's water enterprise, redevelopment agency tax increment To add a number to another number. Incrementing a counter means adding 1 to its current value. revenues, an existing fixed lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. special benefit assessment district covering the developed core of the 19 square mile city, and a small general fund equipment lease. Founded in 1931, Stone & Youngberg LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is California's oldest and largest investment bank specializing in public finance. The Firm offers a range investment services for both retail and institutional clients including public finance, municipal and taxable fixed income sales and trading, and investment management services. More information about Stone & Youngberg can be found on our Web site at http://www.styo.com . CONTACT: Stone & Youngberg LLC Heather Soicher, 415/445-2335 |
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