1993 Certificates means the Redwood Empire Financing Authority Certificates of Participation, 1993 Series B, executed and delivered in the original principal amount of $9,510,000 pursuant to the 1994 Trust Agreement.
On February 17, 2004 the 1993 Certificates were refunded by issuing 2004 Beneficial Interest Refunding Certificates in the amount of $116,910,000, which resulted in a savings to the membership of $34,951,833 from the periods 2005 through 2024.
The 1993 Certificates of Participation of $3,000,000 was issued to refund a 1987 Certificate of Participation and restructure the debt for economic reasons.
These certificates were issued to advance refund the City’s 1993 Certificates of Participation to take advantage of the substantially lower prevailing interest rates.
The 1993 Certificates of Participation were originally issued to finance a portion of the City's share of costs related to a public safety communication system and to refund 1988 Series Bonds which was originally issued to construct a public parking lot, the City's maintenance yard and to improve the Police and Fire station facilities.
The net proceeds of $8.2 million (after payment of $290,000 in underwriting fees, insurance, and other issuance costs) plus an additional $769,125 of 1993 Certificates of Participation debt service fund were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the 1993 Certificates of anticipation.