Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council establishes joint powers financing authority and declares intent to reimburse for Heather Farm aquatics project
Summary
Council voted unanimously to form the Walnut Creek Joint Powers Financing Authority and adopted a declaration of intent to reimburse certain project expenditures from future lease revenue bond proceeds to support financing of the Heather Farm aquatic and community center project.
The Walnut Creek City Council on Oct. 7 adopted resolutions to create a joint powers financing authority and to declare the city’s intent to reimburse project expenditures from proceeds of future lease revenue bonds for the Heather Farm aquatics and community center project.
Jones Hall attorney Chris Lynch, acting as bond counsel, briefed the council on the financing mechanics. Lynch explained that a lease-revenue bond structure commonly used by California cities involves a new joint powers authority (JPA) that leases a city asset, issues bonds and subleases the asset back to the city; the city’s periodic lease payments are the source…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
