City Secures $93M in Bonds
The city of San Diego issued tax anticipation bonds of $93.2 million last month to fund its short-term borrowing needs at an interest rate of 3 percent.
The bonds, which received the highest credit ratings from three credit agencies, are for a term of 13 months and issued annually to fund the city’s seasonal cash flow deficits.
The bonds will be repaid from property tax revenues.