LOS ANGELES -- A city-owned multipurpose facility built with proceeds from revenue bonds will no longer need earthquake insurance following the completion of a refinancing next month, Los Angeles finance officials said.

The planned sale of refunding certificates of participation was sparked by a dramatic increase in premiums for commercial earthquake insurance since January's quake, said Gerry Miller, a finance specialist for the city administrative office.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.