The Successor Agency to the La Puente Community Development Commission announced the successful closing of $3.7 million of Tax Allocation Revenue Refunding Bonds. The yield on the bonds was 4.35%.

The 2014 Series A Bonds are being issued to refund the Commission’s 2007 Tax Allocation Bonds. The refunding generated a savings of $1,597,395 million dollars. The 2007 Tax Allocation Bonds proceeds were used to contribute to the cost of constructing some or all of the Youth Learning Center and Community Center.

City Manager David Carmany and Director of Administration Services Robbeyn Bird pursued the 2014 Series A Refunding Bonds, which were able to generate a real dollar savings for the commission. The savings allow them to be able to redistribute RPTTF dollars to other taxing entities such as the County and School Districts, which benefit the community as a whole.

The entireties of the Refunding Bonds were sold on August 29, 2014 to City National Bank. Placement Agent services to the Successor Agency were provided by Stifel, Nicolaus & Company, Inc. Other members of the financing team included; Casso & Sparks, LLP, Norton Rose Fulbright, Wolf & Company Inc., Willdan Financial Services and the Bank of New York Mellon Trust Company, N.A.