San Diego to refinance ballpark bonds
SAN DIEGO - A deal has been reached to refinance the bonds used to build downtown San Diego's ballpark that will save the city about $93 million over the next 25 years, it was announced Tuesday.The $156.6 million bond issuance with Bank of America N.A. will save the city about $3.7 million annually over the 25-year financing schedule, according to Mayor Jerry Sanders' office.
San Diego will pay back the bonds at a fixed rate of 4.8 percent, compared to the 7.5 percent previously being charged the city.
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