The City of Whittier and the Whittier Redevelopment Agency formed the Whittier Public Financing Authority in 1989. The Authority was created to provide financing for public capital improvement for the City and the Agency. The Authority has the power to issue bonds to pay for the cost for any public capital improvement and to acquire bonds issued by other public entities.
In addition to 2002 Revenue Bonds, the Authority also participated in the 2005 issuance of Whittier Redevelopment Agency (Whittier Earthquake Recovery Redevelopment Project) Tax Allocation Bonds in the amount of $7,810,000.
In March 2002, the Authority issued Revenue Bonds, Series A in the amount of $ 7,505,000 to refund the 1992 Whittier Redevelopment Agency Tax Allocations Bonds (Greenleaf Avenue/Uptown Whittier Redevelopment Project) and to finance certain redevelopment within the project area. These bonds will mature on November 1, 2023. The Authority used the proceeds of these bonds and an additional $3,900,000 for redevelopment activities and payment of outstanding City loans. The Redevelopment Agency pays off its loans to the Authority by making the debt service payments from property tax increment revenues generated by the Greenleaf Avenue/Uptown Project areas.
- Provide a means of refunding the Greenleaf/Uptown Whittier Redevelopment Project Area tax allocation bond and increase funding for redevelopment activities within the project area.