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Millbrae refunds library bond, taxpayers to save
June 28, 2013, 05:00 AM

Millbrae recently refunded some of its general obligation library bonds, reducing the city’s debt by $1.66 million and saving the average home owner about $13 a year.

As a result of this refunding, the 2013-14 tax rolls will now reflect a 11.32 percent savings of the refunded bonds’ par amount.

“The refunding of these general obligation library bonds is outstanding news for the residents of Millbrae,” said Mayor Gina Papan. “This action not only saves the average homeowner nearly $13 a year but, by reducing the city’s overall debt, it strengthens and solidifies the city long-term financial outlook.”



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