Torrance : Bond Issue to Be Refinanced

Nearly $35 million in bond financing for several city capital improvement projects will be refinanced, resulting in an estimated savings for the city of $2.2 million in interest.

In 1984, more than $20.3 million in bonds were issued at 9.3% annual interest for the new city yard, a fire station and a cable television studio. Last year, the city issued $14.5 million in bonds at 9.1% annual interest for a fine-arts complex, airport hangars and a general aviation center.

A spokesman for the city Finance Department said the two issues would be combined and refinanced at about 7% annual interest. The city will see an immediate refund of about $1.2 million, with the balance spread out over 30 years.