LOS ANGELES -- In the wake of a Sept. 2 default on a $1.61 million principal and interest payment due holders of San Diego assessment bonds, city officials are considering tapping reserves next month to pay the overdue-interest portion, which amounts to $761,314.

"We have enough money to pay the interest, but not the matured principal" totaling $850,000, Paul Whitaker, an analyst for the San Diego office of auditor and controller, said last Thursday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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