Get AI Briefings, Transcripts & Alerts on Local & National Government Meetings — Forever.
Council adopts ordinance authorizing sale of general obligation bonds
Loading...
Summary
The council adopted an ordinance authorizing the sale and issuance of City of Glendale general obligation bonds and delegated execution authority to city officials; underwriter and bond counsel were on hand for questions.
The Glendale City Council adopted Ordinance O25-37 on Aug. 26 authorizing the sale and issuance of City of Glendale general obligation bonds in one or more series. The ordinance empowers the city manager, assistant city manager or the budget and finance director to execute necessary documents connected with the issuance. Amy Lindsey, assistant director of budget and finance, presented the item and said representatives from RBC Capital Markets LLC (the city’s underwriter) and Greenberg Charag Charag LLP (bond counsel) were available for questions. Councilmember Diana Guzman moved adoption; a second was entered on the record. A roll-call vote recorded unanimous ayes. The ordinance’s stated purpose is to provide funds to pay all or a portion of the cost of certain city projects and to cover legal, financial, architectural, engineering and other related costs. The meeting record did not include a bond principal amount or a project-by-project funding allocation; those details will be set in bond-sale documentation and subsequent city finance proceedings.
