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Council receives first reading on redevelopment authority lease-rental bonds up to $40 million
Summary
City bond counsel introduced Ordinance 25-49, authorizing the Westfield Redevelopment Authority to issue lease-rental bonds in a maximum principal amount not to exceed $40 million to fund road and street improvements; council was told pricing is expected in October and the ordinance will return for a second reading and adoption.
Zach Klutz of the Taft Law Firm, bond counsel to the city, presented the first reading of Ordinance 25-49 authorizing the Westfield Redevelopment Authority (RDA) to issue lease-rental bonds to fund road and street projects in the city's capital improvement plan. Klutz said the bonds would be issued by the Redevelopment Authority, secured by lease-rental payments and backed by a special…
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