LOS ANGELES -- With an enhanced bond structure, Morgan Hill, Calif., was able to price a deal to refinance its redevelopment debt with relatively low credit spreads despite investor concerns in the aftermath of the state government’s dissolution of redevelopment agencies.

After waiting months for a court judgment that would strengthen the bonds, Morgan Hill, acting as a successor agency to its former redevelopment agency, priced $88.7 million of tax allocation bonds Nov. 19 to refund its outstanding variable rate bonds.

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