|
|
Article: Orange County city to test bond market; first since debacle. (Laguna Beach, California)
- Article from:
- The Bond Buyer
- Article date:
- February 21, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
LOS ANGELES -- Laguna Beach, Calif., on Wednesday will become the first Orange County local government to sell municipal bonds since the county declared bankruptcy on Dec. 6.
The scenic oceanfront city in southern Orange County plans to sell $1.047 million of assessment bonds, and it will probably need to pay a premium to attract investors, a Laguna Beach official said.
"The bankruptcy will have an impact on the interest rate we pay -- no doubt about it," said Richard Hasenohrl, Laguna Beach finance officer. "To what degree, we don't know."
Observers said because of its modest size, the issue will have only limited usefulness as a barometer of market ...