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Article: Huntington Beach, Calif., Considers $27 Million of 'Judgment Bonds'.
- Article from:
- The Bond Buyer
- Article date:
- August 25, 2003
- Author:
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Huntington Beach is likely to sell bonds to pay up to $27 million that is due to taxpayers after the Southern California city lost a court battle over a property tax levy.
The City Council has directed staff to put together a bond sale and use proceeds to pay the refunds, said Dan Villella, the city's finance director.
The Orange County city lost a lawsuit filed by the Howard Jarvis Taxpayers Association challenging a tax used to finance retirement payments for former city employees. After losing the case in appeals court in July, the city decided not to contest the case any further.
The taxpayers' group estimates Huntington Beach may be ...