Palm Springs announces public bond sale
The city of Palm Springs plans to sell $46 million in land revenue bonds to pay for future land acquisitions.
Beginning Thurs., May 10, the city of Palm Springs financing authority will offer for sale to the public $46 million of lease revenue bonds. The bonds are being issued to finance land acquisition and public improvements associated with the first phase of the Downtown Revitalization Plan.
“Palm Springs is undergoing a historic transformation thanks to the passage of Measure J,” said Mayor Steve Pougnet. “This is an exciting time to live and work in Palm Springs and I encourage local residents and business owners to purchase bonds and invest in your city. The best is yet to come.”
The plan will enhance the quality of life in Palm Springs by constructing a new pedestrian-friendly urban village complete with retail, entertainment and public spaces.
The City of Palm Springs Financing Authority Lease Revenue Bonds:
• Minimum Investment: $5,000
• Expected amount $46 million
• Expected maturities: 6/1/2013 through 6/1/2035
• Expected sale date: May 10, 2012
• Interest exempt from Federal and California income taxes
It is anticipated that these bonds will be made available to investors and the general public on May 10 subject to change and availability. The City has defined a “retail order period” for this issue and will allow retail investors to receive priority status in purchasing bonds.
Potential investors should read the Preliminary Official Statement for additional information and visit the City’s new Web site at Buy Palm Springs Bonds.
