View Single Post
Old
12-18-2012, 09:14 PM
  #23
OthmarAmmann
Omnishambles
 
OthmarAmmann's Avatar
 
Join Date: Jul 2010
Location: NYC
Posts: 2,757
vCash: 500
Quote:
Originally Posted by davemac1313 View Post
What does that even mean? I'm just a dumb hockey fan, did they sell? does this mean they were able to reduce the debt payment as they hoped?In Killions mysterious conspiracy world, who is the buyer of these bonds and what hold do they now have on the new city council?
Yes they sold and yes the new bonds will reduce the debt service. They were purchased by several different investors in the municipal bond market.

These bonds are different than those that they tried to issue this past January. You could say those bonds had no collateral, while these have a lien against Glendale tax receipts.

These are also similar to the Hulzinger parking bonds inasmuch as those were to be backed by the parking fees that were supposed to be collected. The issue however is that even under the most ridiculously optimistic assumptions the parking fees would not cover the interest on the bonds for several years, so they were effectively Glendale general obligation bonds even though they were not technically so.

OthmarAmmann is offline