A $40-million bond issue that will finance the Westdome arena if the project is approved in March was sold to underwriters E. F. Hutton and Co. in San Francisco on Tuesday, the deadline day for the sale, city officials said.
The firm will put the bonds in the hands of the trustee, Dai-Ichi Kangyo Bank, pending a final decision on the 20,500-seat arena, which is expected to come before the City Council in March.
Westdome partner Allan Durkovic and city officials traveled to San Francisco on Tuesday to complete the deal. The sale of the industrial development bonds had to be completed Tuesday because of impending federal legislation that could end such financing by removing its tax-exempt status.
The bonds are earmarked to pay for an arena at Flower Street and Civic Center Drive; the existing Santa Ana Stadium would be demolished to make way for the project.