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Article: Orange County adopts debt service reserve fund.(Orange County, California)
- Article from:
- The Bond Buyer
- Article date:
- June 27, 1996
- Author:
CopyrightCOPYRIGHT 1996 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)
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Orange County supervisors have approved the creation of a new debt service reserve fund that would be used to accelerate the repayment schedule on nearly $900 million of new securities issued earlier this month.
Any excess funds available at the end of the fiscal year will be placed into the reserve fund, according to a proposal submitted to the board on Tuesday by county chief executive Jan Mittermeier.
On June 4, the county's underwriters sold $760.8 million of lease backed securities and $121.68 million of refunding pension obligation bonds. The proceeds were used to pay off the county's existing creditors, allowing the county to emerge from bankruptcy ...