City Holds Public Meeting on Debt Reduction

Tonight the City of Half Moon Bay is hosting a public meeting to review the various options to pay down the City’s bond debts. The purpose of the special meeting is to determine the most effective use of the $13.15 million in insurance proceeds awarded to the City.

The City of Half Moon Bay encourages all interested residents to attend to offer their feedback.

Independent legal and bond experts examined various options to determine the most financially beneficial way for the City to utilize the $13.15 million toward debt reduction. They will present their recommendations at Wednesday’s meeting.

If a recommended strategy is approved, the City could save an estimated $12 million in debt service payments over the life of the bonds, free up general fund monies by approximately $0.3M per year, and pay off the bonds in full by Aug. 1, 2019.

While the new funds can significantly influence how the City plans to pay down its current bond obligations, the bond agreements and applicable regulations do impact the available debt reduction strategies. The debt reduction analysis that will be presented will clearly detail the various options available to the City.

MEETING DETAILS:

Community Meeting for Debt Reduction Options

March 13 at 6:00 PM

537 Kelly Avenue, Half Moon Bay