Chino Basin, Calif., looks to amend bonds to allow open-market purchases

By Jennifer Chiou

New York, Jan. 9 - Chino Basin Regional Financing Authority in California (Inland Empire Utilities Agency) announced proposed amendments to the $56.68 million of Chino Basin Regional Financing Authority variable-rate demand revenue refunding bonds, series 2008B.

The authority said that since early October, there have been repurchases of the bonds under its letter of credit to pay the purchase price. It added that the purchases do not reflect any financial difficulties for the agency or itself, but they are a result of "substantial disruptions in the variable-rate demand obligation market and the broader financial markets," according to a news release.

Chino Basin said it is requesting consent from holders of a majority of the bonds to permit repurchases.

The bonds were issued on April 15, 2008.

U.S. Bank NA is the trustee.

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