Diamond Bar to Offer Bonds for Sale

The city of Diamond Bar is offering for sale to the public more than $11 million of lease revenue bonds.

These bonds, which were authorized by the Diamond Bar City Council on October 18, are being issued to lock in fixed interest rates on the lease revenue bonds, 2002 Series A. According to the city, the bonds were originally sold on a variable rate basis and were issued to finance the Diamond Bar Center and other improvements around the city, and the conversion to a fixed rate will take advantage of low interest rates, reduce future budget uncertainty and eliminate interest rate risk and volatility.

The bonds, which are rated AA+ by Standard & Poor’s, are expected to be sold beginning at 8 a.m. on Thursday, November 3. The bonds have varying maturity dates, ranging from 2012 to 2033, and interest is tax exempt and will be paid by investors on a semi-annual basis. Interest rates will be set on the day of the sale.

All investors may place advance orders before Thursday, and the city will make bonds available to residents and investors domiciled in the city on a first priority basis. 

Interested buyers are asked to contact Arielle Jacobs at De La Rosa & Co. at 866-361-3300. For more information on how to purchase, ratings reports, and more, visit the city’s website.