CLEARLAKE, Calif. – The Clearlake Redevelopment Oversight Board will hold a special meeting on Monday, April 17.

The board will meet at 9 a.m. in the council chambers at Clearlake City Hall, 14050 Olympic Drive.

The reason for Monday’s meeting is to discuss approval of the issuance of refunding bonds in order to refund certain outstanding bonds of the dissolved Clearlake Redevelopment Agency.

City Finance Director Chris Becnel’s report explained that the redevelopment agency has two series of bonds on its required obligation payment schedule with outstanding balances of a total of $14 million. The refunding bonds would help reduce the interest rate and save the city money.

As part of the Monday discussion, the board will consider approving the execution and delivery of a form of indenture of trust relating to the bonds and requesting oversight approval of the issuance of the refunding bonds, as well as requesting a certain determination by the oversight board.

Board members include Mayor Russell Perdock, City Manager Greg Folsom, Supervisor Jeff Smith, Lake County Fire Protection District Chief Willie Sapeta, Lake County Board of Education appointee Dana Moore and Yuba College Chancellor’s Office appointee Dean Annette Lee.