Newport Beach has approved a $123 million bond sale, hoping to secure financing by the end of the year.

While the final price of their public works project, a new Civic Center, isn’t yet known, the city is anxious to secure the funding under the Build America Bonds, a lower-yield bond that will save the city money in the long run.

The city expects that these bond will save the city more than $9 million in intereest over the life of the 30 year bond.

From The Daily Pilot:

Revealing its latest Civic Center price, the Newport Beach City Council approved $123 million in bonds Tuesday night to finance its largest public works project.

The final cost won’t be known until all the construction bids have been submitted in December, but the city wants to issue the bonds before the end of the year to take advantage of favorable market conditions.

After an election season where some criticized the council for approving such a large project, the city is pushing forward. The Civic Center will not require new taxes, but the city will be making interest payments for 30 years.

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