By PE Politics
March 21, 2011 6:28 PM

Redevelopment agencies have issued at least $770 million worth of tax-allocation bonds since January, taking a bite out of Gov. Jerry Brown’s plan to phase out the agencies.

The borrowing hasn’t been cheap. Of 45 bond sales from mid-January to mid-March — with maturities ranging from three years to 33 — the average yield is 8.28 percent.

Several agencies in Inland Southern California have sold at least $91 million worth of bonds, according to sales data from the state treasurer’s office.

On March 3, the Riverside County Redevelopment Agency sold two sets of $14 million in bonds. One has a yield of 7.33 percent and the other has a yield of 8.58 percent.

On Feb. 22, the March Joint Powers Authority issued bonds worth $23.1 million and $9.6 million. The both have yields of 7.75 percent.

Legislative Democrats and Brown want to phase out redevelopment to help close a $26 billion-plus shortfall. In 2011-12, $1.7 billion in redevelopment revenue would go to trial courts and Medi-Cal. In future years, redevelopment money would go to local services and schools.

A bill to eliminate redevelopment fell a vote short in the Assembly last week.

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