Los Angeles decide last week to postpone a $65.5 million library refunding slated for sale today due to "volatile" market conditions, according to Gerry Miller, a finance specialist for the city.
"We want to let things settle down," said Mr. Miller. The financing may be sold competitively by the end of the month, he added.
The lease revenue bond issue, with maturities ranging from 1994 to 2020, would advance refund outstanding bonds sold in 1990 for the City of Los Angeles Central Library Project. The nonprofit Municipal Improvement Corporation of Los Angeles will issue the bonds.
The city hopes to save millions of dollars by capturing low interest rates.
The library project includes rehabilitating an original 1926 building and constructing an eight-story wing and garden addition.
The city initially planned to complete the renovation by 1991. Mr. Miller said the new target date is 1993 and that construction is on schedule.
