Based on the City Council’s direction, on May 2, 2012, the City of Menifee successfully sold $20 million ofTransportation Revenue Certificates of Participation to investors. Based in part on the City’s “A” rating (due to the strong financial position of the City) and strong investor demand, the City was able to secure a historically low, 30-year interest rate of 4.26%.The proceeds of the Certificates will help fund a portion of the construction costs associated with the I-215/Newport Road Interchange project. This project will modify the existing interchange and overpass to alleviate current congestion and handle new capacity due to growth in the area and region. Newport is the City’s major thoroughfare and a regional interchange that carries commuter traffic between the I-15 and the Hemet/San Jacinto Valley. Completion of this project will increase the quality of life for Menifee residents by shortening transit times.
See Press Release for more information