The Del Mar Fairgrounds will receive a facelift thanks to $49,380,000 in tax-exempt revenue bonds issued by the Del Mar Racetrack Authority. The money will also go toward refinancing debt dating back to 1991 that was used to pay for new grandstand seating. Upgrades from the bonds' proceeds include demolition of livestock barns, construction of two multipurpose agricultural facilities and exhibit halls totaling 80,000 square feet. Russ Penniman, president of the Race Track Authority, said the refinancing will save more than $4 million on the grandstand debt.