LOS ANGELES — The successor to Monrovia, Calif.’s redevelopment agency has refinanced a five-year note that went into default last summer while it was trying to get approval from the state for the refinancing.

Monrovia, a city of 36,727 in northeast Los Angeles County, is only the second California city to return to the bond markets with tax-allocation debt after legislation dissolving the state’s 400 redevelopment agencies went into effect in February 2012.

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