The Pasadena City Council has approved a bond sales plan because of the ballooning cost of renovating the 90-year-old Rose Bowl.
Since approving the $152 million stadium renovation more than two years ago, costs have ballooned to more than $195 million.
The Pasadena Star-News (http://bit.ly/11c3Gkh ) says the City Council unanimously approved a financing plan on Monday.
City finance director Andy Green says the plan involves issuing up to $35 million in tax-exempt bonds and $20 million in taxable bonds.
It also includes the restructuring of $27 million in principal still owed from the bulk of bonds issued in 2006 for stadium locker room and other improvements.
Information from: Pasadena Star-News, http://www.pasadenastarnews.com/