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Committee approves liquidating investments to cover roughly $4 million bond payment due Oct. 1
Summary
Finance staff requested liquidation of investments after identifying a shortfall for an Oct. 1 principal debt-service payment; the Ways and Means Committee approved liquidating $2.2 million of investments to help meet the payment while awaiting FEMA, CEMA and TDD reimbursements.
The Ways and Means Committee on Sept. 4 approved staff's recommendation to liquidate investments to cover part of a principal debt-service payment due Oct. 1.
Why it matters: Finance staff said the city faces an approximately $4,000,000 bond payment Oct. 1 and had about $2,000,000 in cash on hand; staff requested liquidation of investments maturing in 2027 to make the payment…
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