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Council reviews LTGO refunding, investment policy change and refinancing of balloon payments totaling about $6.66 million
Summary
Staff briefed measures to refinance upcoming debt maturities, increase internal loan cap in the investment policy from 15% to 20%, and refinance a group of balloon payments totaling $6,661,000 tied to prior capital projects.
City finance staff briefed the Agenda Review Committee on proposed actions to manage multiple municipal debts coming due this year, including an LTGO refunding and a refinancing package that would extend maturities for several existing capital projects.
Matt (city finance) described plans to pay off a roughly $1.6 million principal balance for the golf fund debt using golf fund reserves and to refinance several balloon payments. He said the total…
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