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San Diego County supervisors Tuesday accepted a bid from the Prudential-Bache securities firm to market $25 million in bonds to finance the construction of a health services complex on Rosecrans Street in San Diego.
Prudential-Bache’s offer will cost the county $2.75 million a year for 25 years--an interest rate of 8.713%. The county will own the complex after the bonds are paid off.
Prudential-Bache’s offer was lower than bids submitted by Security Pacific Group, First Boston Corp., Salomon Bros. and Merrill Lynch.
The project will involve remodeling the former FedMart Corp. headquarters on Rosecrans. In a separate project, the county will build a new mental hospital on the same site.
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