Wildwood Ridge bond issue makes national news | TheUnion.com

Wildwood Ridge bond issue makes national news

Nevada County made national news in the municipal bond industry with its recent restructuring of a failed bond issue connected to the Wildwood Ridge development.

The Bond Buyer, the nation’s leading newspaper in the industry, detailed the $9 million restructuring in print and online editions earlier this month. The Nevada County Board of Supervisors approved the restructuring on March 2.

The bonds were issued by the county in 1990, but the developer first defaulted on payments in 1994 after fleeing from state prosecution on related charges, The Bond Buyer reported.

Outstanding principal is $4.8 million and delinquent interest is nearly $2.2 million.

The county is charging the developer, Stone & Youngberg LLC of Los Angeles, the approximately $600,000 in delinquent taxes, but forgave more than $900,000 in penalties.

– Trina Kleist

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