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NEWS
By Brittany Levine, brittany.levine@latimes.com | September 12, 2013
Glendale's portfolio continues to slide, but City Treasurer Rafi Manoukian forecast an uptick in interest rates around the corner, which bodes well for Glendale's investment opportunities. The city's investment portfolio sank to $372 million, which is $20 million less compared to last year, according to a report Manoukian gave to the City Council Tuesday night. The portfolio has been sliding for the past five years. The portfolio had about $410 million in June 2011, but historically low interest rates have dampened the bond market in which Glendale invests its treasury.
NEWS
July 25, 2002
Karen S. Kim Investors and corporations breathed hesitant sighs of relief Wednesday as U.S. stock prices soared for the first time in several days. The Dow Jones Industrial Average rose 488.95 points, or 6.4%, after taking a 390-point plunge Friday that closed the average at a four-year low. The Standard & Poor's 500 Index jumped 45.69 points, or 5.7%. Stocks suddenly spiked after J.P. Morgan Chase & Co. Inc., a U.S. investment bank accused of helping Enron Corp.
NEWS
By Melanie Hicken | July 30, 2009
CITY HALL ? Multimillion-dollar upgrades and renovations to the Central Library, Columbus Elementary soccer field and Central Avenue will all be postponed in response to an uncertain bond market caused by the state?s budget, city officials said Tuesday. The state?s budget, signed Tuesday by Gov. Arnold Schwarzenegger, includes a $1.7-billion take away of local redevelopment funds, of which Glendale will have to give up $11 million. ?This is a huge take away from redevelopment agencies.
NEWS
August 30, 2001
Recession? What recession? That seems to be the mindset in the city treasurer's office. While other investors found fiscal year 2000-2001 a bear to go through, Glendale was positively bullish about its returns. The city's investment portfolio finished the year at $412 million, showing a 6.23% return. Not bad, especially when you consider the return was only 5.6% in the previous year. That's $22.6 million in earnings, making City Treasurer Ronald Borucki a good man to have on your side these days.
NEWS
By: | September 23, 2005
REFINANCING BONDS The board approved a resolution to refinance general obligation bonds in an amount to not exceed $18 million through the Los Angeles County firm Fulbright & Jaworski. WHAT IT MEANS Refinancing the general obligation bonds will provide taxpayers with a savings in bond payments of about $4 million and the college with about $2.5 million in extra funds. The refinancing is being done to take advantage of the current bond market and ability to refinance a portion of the bonds sold by the college, officials said.
NEWS
October 8, 2003
Josh Kleinbaum The Glendale Redevelopment Agency hit the interest-rate jackpot. Thanks to low interest rates and a competitive market, the agency will save $405,000 a year during the next 17 years -- $5.5 million total -- after refinancing its 1993 Tax Allocation bonds. "It's almost double the estimated savings from last month," Director of Development Services Jeanne Armstrong said. The bonds, used primarily to purchase and refurbish the Alex Theatre and to build the Hilton Glendale, were originally purchased in 1990 and refinanced in 1993 at a 5.67% interest rate.
NEWS
August 18, 2001
Alex Coolman CITY HALL -- The 2000-2001 fiscal year may have been punishing for most 401K plans and positively awful for technology stocks, but for the city's investment portfolio the bottom line was solidly black. The city finished the year with $412 million in its investment pool, showing a 6.23% return, according to a report that will be presented to the City Council Tuesday. That's higher than the 5.62% return Glendale made the previous year, back when the economy was still supposed to be doing well.
NEWS
By Max Zimbert | October 6, 2009
GLENDALE — A plan that would trim Glendale property taxes advanced at the Glendale Board of Eduction meeting Tuesday. With interest rates at historic lows, Glendale Unified School District officials Tuesday said the time was now, and of the essence, to refinance several segments of Measure K, a $186-million bond measure approved in 1997. The plan would trim about $11 for every $100,000 of assessed property value beginning in fiscal year 2010-11. Refinancing the debt would save taxpayers about $7.4 million when the bond is fully paid down in 2026, according to a district proposal.
NEWS
By Brittany Levine brittany.levine@latimes.com | August 22, 2011
At the beginning of the fiscal year, City Treasurer Ron Borucki had questioned the market's ability to recover, but was hopeful that despite two-year lows, interest rates would rise. His hopes didn't last long. “Would this third year be the one where the recovery catches fire, where people go back to work, where consumer spending picks up, and where interest rates finally pick up and start to rise? Nope, not this year,” Borucki wrote in a report to the City Council. Glendale's investment portfolio dropped to $409 million, down $39 million from $448 million at the end of last fiscal year, according to the report.
NEWS
By Ryan Vaillancourt | May 9, 2007
GLENDALE — Propelled by rising short-term interest rates in the municipal bond market, the city's investment portfolio is on pace to eclipse last fiscal year's earnings by $3 million, officials said on Tuesday. As of March 31, the end of the third quarter, the city had $491 million invested in various federal and state bonds, up $2 million from the second quarter, and up $17 million for the fiscal year, said City Treasurer Ronald Borucki, who submitted the Quarterly Investment Review to the City Council on Tuesday.
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NEWS
By Brittany Levine, brittany.levine@latimes.com | September 12, 2013
Glendale's portfolio continues to slide, but City Treasurer Rafi Manoukian forecast an uptick in interest rates around the corner, which bodes well for Glendale's investment opportunities. The city's investment portfolio sank to $372 million, which is $20 million less compared to last year, according to a report Manoukian gave to the City Council Tuesday night. The portfolio has been sliding for the past five years. The portfolio had about $410 million in June 2011, but historically low interest rates have dampened the bond market in which Glendale invests its treasury.
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NEWS
By Melanie Hicken | July 30, 2009
CITY HALL ? Multimillion-dollar upgrades and renovations to the Central Library, Columbus Elementary soccer field and Central Avenue will all be postponed in response to an uncertain bond market caused by the state?s budget, city officials said Tuesday. The state?s budget, signed Tuesday by Gov. Arnold Schwarzenegger, includes a $1.7-billion take away of local redevelopment funds, of which Glendale will have to give up $11 million. ?This is a huge take away from redevelopment agencies.
NEWS
July 25, 2002
Karen S. Kim Investors and corporations breathed hesitant sighs of relief Wednesday as U.S. stock prices soared for the first time in several days. The Dow Jones Industrial Average rose 488.95 points, or 6.4%, after taking a 390-point plunge Friday that closed the average at a four-year low. The Standard & Poor's 500 Index jumped 45.69 points, or 5.7%. Stocks suddenly spiked after J.P. Morgan Chase & Co. Inc., a U.S. investment bank accused of helping Enron Corp.
NEWS
August 30, 2001
Recession? What recession? That seems to be the mindset in the city treasurer's office. While other investors found fiscal year 2000-2001 a bear to go through, Glendale was positively bullish about its returns. The city's investment portfolio finished the year at $412 million, showing a 6.23% return. Not bad, especially when you consider the return was only 5.6% in the previous year. That's $22.6 million in earnings, making City Treasurer Ronald Borucki a good man to have on your side these days.
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