Officials in the Reno, Nev., area settled a one-year squabble over property tax distributions just in time for the city’s redevelopment agency to make its $1.5 million bond payment due Sept. 1.

The agency went into technical default on a bond issue in August 2011 and had to cash out its surety from National Public Finance Guarantee Corp. to make last year’s payment when property tax assessments took a huge dip in 2011.

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