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Council approves conduit revenue bonds for Pritchard Woods affordable housing
Summary
The Town Council voted to adopt two resolutions authorizing the issuance and sale of multifamily housing revenue bonds to finance the Pritchard Woods project. Town officials said the bonds are conduit debt and the town will not be liable for repayment.
The Town Council of Clayton on Tuesday adopted two resolutions to authorize the issuance and sale of multifamily housing notes and revenue bonds for the Pritchard Woods development.
Financial Director Robert McKee told the council the town would act only as a conduit issuer and would not be liable for repayment. "We have no liability to repay these. We're not taking on any debt. We're not providing any funding in whatsoever with any manner," McKee said.
Why it matters: The council’s…
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