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12-19-2012, 01:52 AM
Tommy Hawk
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Originally Posted by Slashers98 View Post
Route 666, the route that leads to nowhere!
Great movie. Lou Diamond Phillips.......

Originally Posted by Thomas L View Post
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.
Curious as to the wording in the bonds. Was the wording strengthened to avoid being subordinated via council actions?

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