Dein erstes Forum » ap Adidas NHL Jerseys[/url] [

Free News Articles Home Economic Development Government Montebello’s Short Term Borrowing is Sold and Closed – City Continues Moving Forward on Pro-Growth Plan Montebello’s Short Term Borrowing is Sold and Closed – City Continues Moving Forward on Pro-Growth Plan Author: City of Montebello
Dateline: Montebello Mike Condon Jersey Youth , California (MONTEBELLO, Calif.) | Thu, 10 Nov 2011

freeNewsArticles Story Summary: “Montebello's $2.5 million Tax and Revenue Anticipation Notes (TRANs) closed today - marking a milestone towards the City's ability to continue improving its operations.”

A R T I C L E:

Montebello's $2.5 million Tax and Revenue Anticipation Notes (TRANs) closed today - marking a milestone towards the City's ability to continue improving its operations.

Approved by City Council in late August, TRANs raised $2.5 million in short term borrowing from private investors to meet near-term cash flow demands rather than resorting to drastic budget cuts that would have limited city services and threatened the city's economic recovery.

Montebello's Interim City Administrator Larry Kosmont has released a comprehensive management report on the city's website that outlines a clear plan for the city's future. Kosmont said, "With the TRANs closing Mikkel Boedker Jersey Womens , we can move forward with this report as a blueprint for the future of Montebello. It will continue to improve operations and be part of the city's ongoing recovery plan. Restoring the city's reserves is pursuant to a 5 year plan."

The closing comes at the heels of TRANs' MIG2 rating from Moody's Investors Service on October 21. The MIG2 rating improved the marketing of TRANs to investors and has removed the negative outlook on the city's long-term ratings. Montebello's costs of issuance for the TRANs will total $160,000. The interest paid from today to June 21, 2012 will be $74,434.

Among other considerations, Moody's noted 2011 improvements to the city's General Fund balance sheet Ron Hainsey Jersey Womens , as well as the city's favorable projections for the General Fund closing cash balance for June 30, 2012.

"Moody's acknowledged the city for making significant improvements to the budgetary balance in 2010-11. The 2011-12 adopted budget remains in balance, with an expected General Fund surplus, which if realized, can help expand Montebello's operating capacity Chris Tierney Jersey Womens ," stated Montebello's Financial Director Francesca Tucker-Schuyler.

The rating improvement was significant in the marketing of the TRANs to investors. After two months of discussions with various mutual funds investors, credit rating concerns and discouraging media coverage derailed the TRANs close in late September. However, since the upgraded rating, Citigroup placed the $2.5 million of TRANs with two investors at an interest rate of 4.85%. It sold, closed Tyler Ennis Jersey Womens , and funded to institutional quality investment funds managed by Oppenheimer Funds.

In addition to the TRANs, other key developments include the California Department of Finance approving Montebello's redevelopment agency appeal to lower its annual tax increment payment to the state-saving the City almost $1.24 million in payments to the state and increasing available funds for further economic development.

More information on the City of Montebello: http:cityofmontebello .

###

Copyright © 2011 by City of Montebello and Send2Press® Newswire, a service of Neotrope® - all rights reserved. Information believed accurate but not guaranteed. Sourced on: freeNewsArticles.

• Web Image (72dpi): https:www.send2pressmediaboom11-1101-montebel_72dpi.jpg

• Media Contact Information: https:www.send2pressmediadrome2011-11-1110-007.txt

• Story Title: Montebello's Short Term Borrowing is Sold and Closed - City Continues Moving Forward on Pro-Growth Plan
• REFERENCE KEYWORDSTERMS: California Department of Finance , Montebello, California Jean-Gabriel Pageau Jersey Womens , Tax and Revenue Anticipation Notes, Economic Development, Government, Finance, MONTEBELLO Craig Anderson Jersey Womens , Calif..

IMPORTANT NOTICE: some content which is considered "old" or "archival" may reference an event which has already occurred; some content possibly considered "advertorial" may also reference a promotion or time-limitedsensitive offering, and in all of these instances certain material may no longer be valid. For notably stale content, you should directly contact the companyperson mentioned in the text (City of Montebello); this site cannot assist you with information about productsservices mentioned in the news article, nor handle any complaints or other issues related to any personcompany mentioned or promoted in the above text. Information believed accurate but not guaranteed as of original date of story [Thu, 10 Nov 2011 16:54:29 GMT].

USE THIS CONTENT FOR FREE: To use this content in your newspaper Connor Brown Jersey Womens , broadcast outlet, news portal, blogezine or similar, free of cost, CLICK HERE to learn arket research report "Global Climbing Nut Market - Industry Analysis, Size Zack Smith Jersey Womens , Share, Growth and Forecasts 2016-2021" to add to its collection of research reports.



The Report Titled 'Global Climbing Nut Market, 2016-2021 Industry Research Report' is a efficient and comprehensive study on the Present state of the global Climbing Nut Market with a focus on the Chinese industry. The report provides key census on the market status of the Climbing Nut Manufacturers and is a valu. Cheap Jerseys Cheap Jerseys Online Cheap Custom Jerseys Cheap Custom Jerseys Cheap Jerseys Free Shipping Cheap Custom Jerseys Cheap Jerseys China Free Shipping Cheap Jerseys From China Cheap Adidas NHL Jerseys Wholesale NBA Basketball Jerseys